N6.2tn budget amendment: FG’s infrastructure investment not enough — Minister

Minister of Budget and National Planning, Atiku Bagudu, on Friday, stated that Nigeria has not invested adequately in infrastructural development.

He attributed several recent problems faced by Nigerians to this under-investment in multi-dimensional infrastructure.

While speaking at the National Assembly during an interactive session with the Senate Committee on Appropriation, chaired by Senator Olamilekan Adeola, Bagudu stated the need for more robust infrastructure investment.

Bagudu was invited to provide insight into the N6.2 trillion supplementary appropriation approval for the 2024 budget, as requested by President Bola Tinubu.

In response, Bagudu praised President Tinubu for his political will in addressing the infrastructure deficit by seeking ₦3.2 trillion to fund key projects.

These projects, he said include the Lagos-Calabar coastal highway, the Sokoto-Badagry highway, and the Trans-Sahara highway.

He also expressed confidence that, once completed, these projects will boost economic activities and enhance the nation’s revenue base, leading to significant transformation and strengthening of economic realities.

Responding to concerns from committee members about the state of other deteriorating roads and uncompleted projects in their constituencies, Bagudu assured that the federal government has not abandoned any ongoing projects.

He clarified that the government is not prioritizing new projects at the expense of existing ones and assured that the Federal Executive Council will continue to consider and approve funding for other roads as resources become available.

Though Bagudu did not provide a detailed breakdown of the supplementary approval, he offered a sectoral overview of both the ₦3.2 trillion allocated for the Renewed Hope Infrastructure Projects and the ₦3 trillion increase in the recurrent component of the budget.

Senator Adeola affirmed that the government has the full capacity to finance the 2024 budget. He urged the minister to provide the committee with a comprehensive breakdown of the N6.2 trillion approval as soon as possible.