The Federal Government has said the proposed N6.2 trillion supplementary budgetary will be used to pay the new minimum wage.
Minister of Budget and National Planning, Senator Atiku Bagudu disclosed this while addressing the House of Representatives’ Committee on Appropriation in Abuja on Monday, July 22.
He said that the funds would be spent on stimulating the economy through the implementation of various infrastructural projects.
He said the N3.2 trillion capital component of the supplementary budget is meant as addition funding for priority projects in road, rail, water, irrigation and dam projects in the 2024 fiscal year.
According to him, the proposed ‘Renewed Hope Infrastructural Fund’ was intended to provide equity contributions or counterpart contributions of the federal government projects designated as priority projects as well as critical projects which needed more appropriation so that they will not suffer neglect.
He disclosed that the N3 trillion was to also among other things take care of newly proposed national minimum wage, for which Mr. President said he will soon send the bill to the National Assembly and subsequent adjustment.
He said that there would be funding for rolling stock that is required, adding that this would gulp the sum of N530 billion as requested for the five rail projects.
He assured that the projects encapsulated in the amendment to the 2024 Appropriation Bill would not limit the revenue available for the implementation of the 2024 Appropriation Act.
