JamzNG Latest News, Gist, Entertainment in Nigeria
The National Assembly on Tuesday passed the N6.2 trillion budget amendment bill for third reading.
The bill was passed after the Chairman of the Senate Appropriation Committee, Olamilekan Adeola, presented the committee’s report on the Appropriation (Amendment) Bill, 2024.
From the bill, the Federal Government will spend about N2 trillion on the Lagos-Calabar highway and other road projects.
Recall that President Bola Tinubu, on July 17, 2024, presented to the Senate a bill for an Act to amend the Budget Act of 2024 to provide for N6.2 trillion with N3.2 trillion for capital expenditure and N3 trillion for recurrent expenditure.
The document shows that N700 billion will be used for the country’s coastal road which will stretch from Lagos to Calabar, traversing Lagos, Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom and Cross River states.
Meanwhile, the Port Harcourt-Maiduguri railway line will cost N530 billion, as it will pass through the states of Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe and Borno.
The budget will also take care of Badagry to Tin Can Port, Lekki Port, Ijebu Ode, and Kajola.
READ ALSO: Tinubu hails Lagos-Calabar coastal highway as a symbol of hope, unity and prosperity
Meanwhile, the Trans-Saharan African Highway (traversing Benue, Kogi, Nasarawa, Abuja), will cost N200 billion.
The bill also states that water, irrigation and dam development projects, among others, will receive N349 billion, while the Livestock Development Programme will receive N75 billion.
Adeola, while presenting the bill, said: “The bill was read for the first and second time and referred to the Committee on Budget and Appropriations for further legislative action.
“The Senate may also recall that the 2024 Budget Bill was passed into law by the National Assembly at a sum of Rp28.7 trillion and then assented to by the President on January 1, 2024.
“The Budget Amendment Bill 2024 aims, among other things, to provide additional funds for the New Hope Infrastructure Development Project, which will be implemented across the country and to meet other recurrent expenditure requirements, such as the increase in the minimum wage necessary for effective governance of the federation.
“The Committee met and deliberated with the Minister of Budget and Economic Planning and discussed the scope of the bill, as well as the funding sources for the project.
“The committee will then process the bill together with its counterparts in the House in accordance with the relevant legislative rules of practice and procedures. I therefore submit this harmonized report on the Amendment Bill 2024 for consideration and passage by the Senate.”
The bill was then passed for third reading after a vote by the Senate Speaker.
Other highlights of the amended budget, as presented by Adeola and adopted by the Senate include N1.742 trillion for mandatory transfers and N8.27 trillion for debt servicing.
Post R6.2 trillion Budget Amendment Bill enters third reading as FG votes R2 trillion for Lagos-Calabar coastal highway, others appeared first on Latest Nigeria News | Headlines from Ripples Nigeria.
