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The Minister of Finances and Nationwide Planning, Atiku Bagudu, says the N3 trillion recurrent element of the extra funding within the 2024 funds is to cater for the brand new minimal wage.
Mr Bagudu said this on Monday whereas showing earlier than the Home of Representatives Committee on Appropriations to defend the N6.2 trillion proposed further funding within the funds.
PREMIUM TIMES reported that President Bola Tinubu requested the Nationwide Meeting to amend the funds by including N6.2 trillion.
On Wednesday, the Home handed the invoice for a second studying and referred it to the Home Committee on Appropriations for additional legislative motion.
President Tinubu, on Thursday, authorized N70,000 as the brand new minimal wage, topic to parliamentary approval.
Offering an outline of the funds, Mr Bagudu famous that the proposed minimal wage has been captured within the invoice with the N3 trillion recurrent expenditure, including that the president will quickly ship the invoice to the Nationwide Meeting.
He additionally disclosed that the N3.2 trillion capital expenditure element is allotted to the Renewed Hope Infrastructure Fund.
He mentioned the federal government will use a part of the funds to supply counterpart funding for main initiatives just like the Lagos-Calabar and railway initiatives.
“A number of the initiatives proposed within the funds embody Lagos-Calabar, the 1,000 km Sokoto-Badagry highway initiatives, in addition to the rail challenge for which the Chinese language authorities has supplied 85 per cent funding, whereas the federal authorities is but to supply the 15 per cent counterpart finance,” he mentioned.
He defined that the proposed N3.2 trillion was “supposed to supply fairness contributions or counterpart contributions for federal authorities initiatives designated as precedence initiatives, in addition to crucial initiatives which wanted extra appropriation in order that they won’t undergo neglect.”
Mr Bagudu additional disclosed that N530 billion is allotted for main rail initiatives within the nation, including that N522 billion was supplied for water, irrigation, and dam initiatives.
READ ALSO: 2024 Finances: N800 to greenback benchmark strategic – Bagudu
In his opening deal with, the Chairperson of the Committee, Abubakar Bichi, tasked the minister to provide particulars of the Appropriation Invoice, together with the N3.2 trillion capital expenditure improve and N3 trillion recurrent expenditure.
Mr Bichi mentioned there was a necessity for Nigerians to be adequately knowledgeable of the small print of the proposed N6.2 trillion funds, which is along with the N28.7 trillion Appropriation Act authorized for the 2024 fiscal yr.
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