Proposed supplementary budget will be partly financed by the N50 billion PIDTF – Bagudu

THE Minister of Budget And Economic Planning, Senator Atiku Bagudu, has provided preview In THE propose 2024 Appropriation Bill, which will be partially finance with THE N50 billion Presidential Infrastructure Development Funds (PIDF), Currently domiciled In THE National Sovereign Wealth Investment Authority (NSWIA).

He explain that THE N50 billion In THE PIDF would be not be adequate has funds THE Renewed Hope Transformational Projects; Thus, THE Federal Government approach THE World Bank For A $2.50 billion ready.

He further disclosed that THE World Bank management would be meet Soon has TO DO A decision on It is approval.

THE minister gave This preview while Report THE Joint Senate And Home of Representatives Committee on National Planning And Economic Business on THE propose Additional Appropriation Invoice.

President Bolas Tinubu had earlier informed THE joint session of THE federal parliament that he would be Soon send THE propose money Invoice has THE federal the legislators For approval.

THE minister further explain that THE entire Additional Budget, always below preparation, would be be spent on four identified transformational projects.

He listed THE projects has include THE Lagos – Calabar Coastal Road; THE propose Sokoto – Badagri Road; THE completion of all in progress railway projects, For which THE Federal Government had Again has provide counterpart financing.

Atiku Bagudu Also said THE propose money Bill would be funds THE rehabilitation And expansion of dams And irrigation diagrams has support increase production In THE economy.

Apart Since This, he said THE additional budget would be provide more money has support CNG, And LNG projects has provide For more energy competitiveness. He quoted A study do by THE Federal Ministry of Science, Technology, And Innovation showing that CNG Vehicles are cheaper has maintain that gasoline those.

THE minister added that THE trans-Saharan Highway, inherited by THE current administration, would be Also be finance with THE additional budget. He said, "THE additional budget that was announcement Or instead was mentioned, came about When Mr. President present A note has THE Federal Executive Advice. "In THE note, he said that he inherited THE Presidential Infrastructure Development Funds, which was domiciled In THE National Sovereign Wealth Investment Authority.

"He has Also identified transformational projects, including Lagos – Calabar, Coastal Road; propose Sokoto Badagri Road; completion of all in progress railway projects, which We to have not provided counterpart funding. "We Also plan has funds THE rehabilitation And expansion of dams And irrigation diagrams has support increase production In THE economy. Last but not less, more money has support CNG, LNG. »

"THE three roads, dams And irrigation, And railways are What Mr. President designated as THE Infrastructure, renewed health Infrastructure priority items. "SO It is What he directed that THE ministry prepare For THE additional appropriation Invoice.

"We to have not finished work on THE Invoice; We to have not submitted THE additional appropriation draft has THE Federal Executive Advice again.

"SO a lot people to have approach THE ministry And Indeed direction of THE National Assembly, as GOOD as a lot members, ask about THE renewed hope For additional appropriation. minister Also said THE current hustle by organized work minimum salary hustle could Also be considered In THE propose legislation.

He said, "We are not clear how a lot income We to have, given THE challenges of THE moment.

"Yes, We to have do a few scenarios given THE exchange rate fluctuation And THE impact of THE budget And even scenarios given THE current minimum salary negotiation that East in progress.

"This East because even has 60,000 naira, even has 62,000 naira, that immediately double THE minimum salary.

"SO he was THE forecast that even has THE the lowest level, he will increase THE inflation rate And that could affect interest rates, which will affect In turn, economic activity, debt surges, among others. »

On THE 2024 budget performance, THE minister explain Why a few MDA had not begin projects.

He Also said THE Federal Government has mandated THE Finance Ministry has take on payment of a few major entrepreneurs.

He said, "Contrary to THE usual practical Or each quarter THE ministry of finance sent money has MDA depending on, depending on What THE envelope size East. That has has been discarded And replaced by THE from bottom to top in cash.

"Below OUR supply laws, ministries And MDA are supposed has to start supply as Soon as THE budget East pass In law.

"SO most MDA are In that process NOW. THE First of all quarter capital exits are not high because most MDA to have not Again reward THE contracts And therefore, they to have not put any of them request For in cash.

"We believe that he will take up In This second quarter And s...