Nigeria’s Infrastructure Deficit: Minister of Budget and National Planning Highlights Investment Needs
On Friday, Minister of Budget and National Planning, Atiku Bagudu, emphasized that Nigeria has not sufficiently invested in infrastructural development. Speaking at the National Assembly during an interactive session with the Senate Committee on Appropriation, chaired by Senator Olamilekan Adeola, Bagudu linked many of the country's recent problems to this under-investment.
Key Points from the Session
1. Inadequate Investment in Infrastructure:
- Bagudu highlighted that Nigeria's infrastructure deficit is a significant issue, affecting various dimensions of national development.
2. 2024 Budget and Supplementary Appropriation:
- The National Assembly recently approved a ₦6.2 trillion supplementary appropriation for the 2024 budget, as requested by President Bola Tinubu. Bagudu was invited to provide insights into this approval.
- The ₦3.2 trillion is designated for the Renewed Hope Infrastructure Projects, including major highways like Lagos – Calabar coastal highway, Sokoto – Badagry highway, and the Trans-Sahara highway.
3. President Tinubu’s Commitment:
- Bagudu praised President Tinubu for his political will to address the infrastructure deficit. He expressed confidence that these projects, once completed, will boost economic activities and increase the nation’s revenue base.
- The projects aim to encourage massive economic transformation and strengthen economic realities.
4. Ongoing Projects and Priorities:
- Addressing concerns from committee members about other deteriorating and incomplete road projects, Bagudu assured that the federal government has not abandoned any ongoing projects.
- He clarified that innovative projects are not being prioritized at the expense of other necessary road projects. The Federal Executive Council will continue to approve funding for additional roads as resources become available.
5. Details of Supplementary Approval:
- While Bagudu did not provide a detailed statement on the supplementary approval, he gave a sectoral overview of the ₦3.2 trillion for infrastructure and the ₦3 trillion increase in the recurrent component of the budget.
- Senator Adeola requested a full breakdown of the ₦6.2 trillion approval, which Bagudu agreed to provide as soon as possible.
Conclusion:
This focus on infrastructure is a crucial step toward addressing Nigeria's developmental challenges. With strategic investments in key projects, the government aims to foster economic growth and improve living standards for its citizens. For further updates on these developments and more, visit RantHqBlog.com.