According to the federal government, the minimum wage will be paid with the projected N6.2 trillion supplemental budget.
The assurance was made by Minister of Budget and National Planning Atiku Bagudu during a speech to the House of Representatives’ Appropriations Committee in Abuja.
He declared that the money would be used to launch a number of infrastructure initiatives aimed at boosting the economy. With careful financial management, these projects in the 2024 fiscal year include water, irrigation, road, rail, and dam construction.
The newly proposed national minimum wage, for which President Bola Tinubu announced the bill would soon be forwarded to the National Assembly, would be covered, he claimed, by the N3 trillion.
According to him, the budget proposal also aims to provide matching funds for rail projects, the longest of which had been put on hold for some time.
He identified these as the Port Harcourt Main Bridge, which would cross the rivers of the nation, including Katsina, Bauchi, Gombe, Yobe, Anambra, Benue, Nasarawa, and Imo.
The minister stated that the Lagos-IIbadan Standard Gauge is the third project, Badagry-Tin Can Port, Lekki Port is the second, and Kano-Marada Standard Gauge is the fourth.
He stated that rolling stock needs to be funded, which would take N530 billion, the total amount sought for the five rail projects.
Mr. Bagudu added that the planned N3.2 trillion renewed hope infrastructural fund was “intended to provide equity contributions” and that N522 billion had also been allocated for projects involving water, irrigation, and dams.
Mr. Bagudu gave his word that the projects included in the 2024 Appropriations Bill modification would not restrict the funds available to carry out the 2024 Appropriations Act.
The head of the House Committee on Appropriations, Abubakar Bichi, had earlier pushed the minister to provide information on the Appropriations Bill, namely the N3.2 trillion increase in capital expenditures.
This also includes the N3 trillion ongoing cost for the president’s recently proposed national minimum wage, which is being given prompt consideration.
Mr. Bichi noted that Nigerians needed to be sufficiently informed about the specifics of the proposed N6.2 trillion budget. He added that this was on top of the N28.7 trillion Appropriations Act that was authorized for the fiscal year 2024.
The committee recommended that the government take action on the security concerns and the lack of infrastructure.
According to Mr. Bagudu, numerous initiatives are being taken to solve problems pertaining to people’s safety around the nation.
Among the projects included in the supplemental budget are the 1,000-kilometer Lagos-Calabar road project, which will cost N150 billion; the road projects in Sokoto and Badagry; and the rail project, for which the Chinese government has contributed 85% of the funding while the government still needs to provide the remaining 15%.
Mr. Bagudu claims that the Lagos-Calabar, which is anticipated to begin in three portions, has already started in Lagos, the Calabar end, and one more leg, Sokoto-Calabar.
The five South-East states as well as the train lines between Port Harcourt and Maiduguri were covered by the Lagos-Calabar, he continued.
