Connect with us

News

FG Reiterates Commitment To Prudently Utilised Proposed N6.2trn Additional Budgetary Expenditure

Published

on

By Gloria Ikibah
The Federal Government has promised to prudently utilisation of the proposed N6.2 trillion additional budgetary expenditure aimed at stimulating the economy through the implementation of various infrastructural projects including road, rail, water, irrigation and dam projects in the 2024 fiscal year.
Minister of Budget and National Planning, Senator Atiku Bagudu stated when he appeared before the House of Representatives’ Committee on Appropriation on Monday in Abuja.
In his opening address, Rep. Abubakar Bichi requested that the Minister gives detail on the Appropriation bill including the N3.2 trillion capital expenditure increase and N3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr. President for accelerated consideration.
Rep. Bichi noted that there is need for Nigerians to be adequately informed of the details of the proposed N6.2 trillion budget proposal which is in addition to the N28.7 trillion Appropriation Act approved for the 2024 fiscal year.
Other lawmakers who applauded the ingenuity of the present administration towards addressing the infrastructural deficit, harped on the need to address issues of security.
In response the Minister stated that various efforts are being made to address issues bothering on security of lives across the country.
Some of the projects proposed in the budget proposal include: Lagos-Calabar, 1,000 kilometer road project for which the sum of N150 billion is required and Sokoto – Badagry road projects, as well as the rail project for which the Chinese government has provided 85 percent funding while Federal Government is yet to provide the 15 percent counterpart finance.
According to him, the Lagos-Calabar which is expected to start in three different sections, has commenced in Lagos, and the Calabar end, and one additional section Sokoto – Calabar.
He added that the Lagos-Calabar also covered the five South East States as well as Port Harcourt – Maiduguri rail lines.
The Minister further disclosed that the proposed budget was aimed at providing counterpart funding for rail projects that have literally stopped in the last year, including the longest among them – Port Harcourt Main Bridge, which will traverse Rivers, Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.
Equally, the second project is Badagry -Tin Can Port, Lekki Port…while the third one is Lagos – Ibadan Standard Gauge, adding that the fourth one is Kano-Marada Standard Gauge, as well as funding for rolling stock that is required, for which the sum of N530 billion was requested is for these five rail projects.
Senator Bagudu also disclosed that the sum of N522 billion was also provided for water, irrigation and dam projects.
He explained that the proposed N3.2 trillion 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 intended to meet among other the newly proposed national minimum wage, for which Mr. President said he will soon send the bill to the National Assembly and subsequent adjustment.
While responding to question on the projected revenue for the year, Senator Bagudu assured that the projects encapsulated in the amendment to the 2024 Appropriation bill will not limit the revenue available for the implementation of the 2024 Appropriation Act.
“These projects, Mr. Chairman, have you said that these projects include rail projects.And this is to provide counterpart funding for rail projects that have literally stopped in the last years. The most, the longest among them is the Port Harcourt-Maiduguri  which will traverse Rivers,  Imo, Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauch, Gombe, Yobe, and then terminating in borno state.
“Equally, the number, the second project is Badagry-Tin Can Port, Lekki  Port, Ijeu-ode kajula. The third one is Lagos-Ibadan Standard Gauge. Then the fourth one is Kano-Maradi  Standard Gauge.As well as funding for rolling stock that is required. This, the 530 billion requested is for these five rail projects.
“Equally, we have the National Highway Construction Projects which include additional funding, because this is already in the 2024 budget, for additional appropriation for the Lagos-Calabar Coastal Road, which is to tranverse Lagos-Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom , and Cross River, as well as Sokoto-Badagry, which is in Greenfield.
“Sokoto-Badagry has been on the National Development Plan of Nigeria since 1970. It was actually awarded in 1975, but not much progress was made, but because of the visionary and bold endeavor of Asiwaju Bola Tinubu,  he has brought it back to life, and this is going to tranverse Lagos again, Ogun, Oyo, kwaraa, Niger, Kebbi  and terminating in Sokoto State, as well as the Africa-Sahara Highway to traverse Benue, Kogi, Nasarawa, and Abuja.
 “In addition to this, Mr. President and the team recognize that to support our agriculture and food security, we need to take bold measures on our water and irrigation and dam infrastructure.We have met with a number of investors, including the International Finance Corporation, who are saying, if you can put some money to do your dams, we will also put money to provide infrastructure.
In recognition of the fact that every year, when it rains, a lot of Nigeria is flooded, and soon thereafter, we are looking for water. So investment in water, irrigation, and dams has accelerated, because this is such that if we put some money, private capital would also come in to support our dream.So a sum of 522 billion is provided.
We have provided more for agriculture, and sorry, before then, we have provided, as part of the Renew Hope Agenda, 270 million for the expansion of the compressed natural gas infrastructure.
” The compressed natural gas is not just an alternative to premium motor spirit .It’s a lower-chip, lower source of energy that can help Nigeria maintain energy competitiveness, like countries like Egypt and Pakistan have done. So accelerating this expansion will ensure migration to the cheaper source of wealth, as well as ensuring that Nigeria remains energy competitive.
“Just as an example, the Ministry of Science and Innovation tested two vehicles, from Abuja to Ibadan, one on petroleum motor spirit, which consumed 42,000 Naira worth of oil, and one on CNG, which consumed 14,000 Naira worth of CNG.
“So in order to help Nigerian citizens with this, we need more finance. The other investment in agriculture and food security, as well as the additional water resources, are to support ongoing projects for which the funding commitments are not adequate, and they are critical to the delivery of our agriculture and food security objectives
On his part Chairman, House Committee on Media and Public Affairs, Rep. Akin Rotimi demanded for list of various achievements of the Tinubu’s administration.
While ruling, Rep. Bichi who applauded ongoing efforts toward rejuvenating the country’s socio-economic life, assure that necessary legislative measures will be worked out for the overall benefits of Nigerians.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

PHOTOS Of Prisoners Who Escaped Borno Prison And Those Recaptured

Published

on

By Mario Deepromoter

Nigerian Correctional Service on Sunday disclosed that about 281 inmates escaped from Maiduguri Medium Security Custodial Centre following severe flooding in the capital city.

NCoS spokesperson, Umar Abubakar, said the agency had alerted the Nigerian Immigration Service, and Nigeria Police Force among other security agencies to help recapture the fleeing inmates.

“Every security agency in the country has been notified and they are on alert to help track down the fleeing inmates wherever they may be. With their help, we will capture them and return them to our custodial centre,” Umar said.

Advertisement

In a statement on Sunday, he said of the 281 fleeing inmates, seven had already been recaptured and returned to the facility.

“The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre in Maiduguri as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service, with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

Advertisement

Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on the ground to track down the rest and bring them back to safe custody,” the statement read in part.

Abubakar further stated that details of the fleeing inmates had been made available to the public while noting that efforts were underway to track them.

“However, it is important to note that the service is in the custody of their details, including their biometrics, which are being made available to the public. The service is working in synergy with other security agencies as both covert and overt deployments have been activated to locate them. While this effort is ongoing, the public is assured that the incident does not impede or affect public safety,” the statement added.

Recall that the flood affected many parts of Maiduguri, leading to the displacement of over 300,000 residents and the deaths of over 30 people, including children.

Advertisement

Meanwhile, Borno State Governor, Babagana Zulum, on Saturday said he was “seriously worried” that jailed Boko Haram terrorists might have escaped from the prison facility.

See Pictures Below;

Prisoners

Continue Reading

News

SEE new price of petrol across all 36 states

Published

on

By Mario Deepromoter

Despite the counter accusations by both Dangote Refinery and NNPCL over prices, the price list of petrol has emerged online.

According to reports, this is because NNPCL bought petrol at a higher price from Dangote Refinery on Sunday.

NNPCL also mentioned that Dangote Refinery sold the petrol in US Dollars, not naira, against the federal government’s directive.

Advertisement

However, Dangote Refinery will sell its petrol in naira starting in October.

According to a breakdown from NNPCL, Dangote Refinery sold petrol to NNPCL at N898.78 per litre.

NNPCL paid Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N8.99, inspection fee of N0.97, a distribution cost in Lagos of N15, margin N26.48.

NNPCL’s statement added that the estimated pump price in:
Lagos will be N950.22
Sokoto State N999.22
Kano State N999.22
Borno State N1,019.22
Kaduna N999.22
FCT N992.22
Oyo State N960.22
Lagos State N950.22
Rivers State N980.00
Imo State N980.22

Advertisement

An analysis of the chart showed that except from Lagos State, other states of the federation will be paying higher because of distribution costs.

The distance from Dangote Refinery and NNPCL‘s depot in Lagos State to other states of the country majorly would determine the price differences.

The report also showed that the six geo-political zones would be paying differently.

The North East states would be paying the highest per liter from N1,019.22, followed by North West states from N999.22, followed by North Central states from N992.22, followed by South East states from N980.22, South South states from N980.22 and South West states paying the least from N960.22, except Lagos State paying from N950.22.

Advertisement

At the time of filing this report, the presidency is yet to speak on the latest development.

Continue Reading

News

Rivers 2027: Ogoni powerful men snub Fubara, throw weight behind Wike

Published

on

By Mario Deepromoter

Political heavyweights from the Ogoni and Oyigbo zones have formally withdrawn their support for Rivers Governor Siminalayi Fubara ahead of the 2027 general elections.

The leaders have dumped Fubara and lace their boots with the action packed Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The leaders gathered on Saturday in Nonwa, Tai Local Government Area, at an event tagged “Ogoni, Oyigbo People’s Assembly.”

Advertisement

The assembly, which focused on fostering unity between the two ethnic zones, was heavily attended by politicians loyal to Wike, who remains locked in a bitter political feud with Fubara, his estranged protégé.

Prominent personalities, including Senators Barinada Mpigi and Magnus Abe, Ambassador Desmond Akawor, and Chief Victor Giadom, attended the meeting.

The group emphasized that after years of marginalization, it was time for Ogoni and Oyigbo to produce the next governor of Rivers State.

Speaking on behalf of the assembly, Senator Mpigi declared, “The Ogoni and Oyigbo Peoples Assembly, a multi-political convergence of five Local Government Areas within the Rivers South-East Senatorial District, met today to reaffirm their support for the President Bola Tinubu-led administration and pledged total loyalty to the former Governor of Rivers State and current Minister of FCT, Chief Nyesom Wike.

Advertisement

“We also reiterate the obvious fact that the senatorial district’s upland is due for a governor and should produce the next governor of Rivers State come 2027.”

Tensions between Wike and Governor Fubara have been mounting, with Wike publicly withdrawing his support for his former ally.

Wike, who was instrumental in Fubara’s rise to power, has accused the governor of straying from their shared vision for the state.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News