The Minister of Budget and Economic Planning, Senator Atiku Bagudu, clarified the Federal Government’s decision to obtain a $2.5 billion loan from the World Bank to support the 2024 budget. Bagudu mentioned that while part of the budget would be funded by the ₦50 billion Presidential Infrastructure Development Fund (PIDF), it wouldn’t be sufficient for the planned “Renewed Hope Transformational Projects.”
Bagudu disclosed this information during a briefing with the joint session of the Senate and House of Representatives Committees on National Planning and Economic Affairs. He emphasized that the World Bank’s approval for the loan is pending, with the funds earmarked for specific projects like the Lagos-Calabar Coastal Road and the Sokoto-Badagry Road, among others.
The Minister also highlighted plans to allocate additional funds for projects related to Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) to enhance the country’s energy market position. Senator Yahaya Abdullahi, head of the Senate’s Budget Committee, suggested modifying the 2024 budget rather than creating a new spending bill, considering the extensive costs involved.