The Senate Committee on Public Affairs, led by Yemi Adaramodu, is set to review a supplementary budget of around N6.6 trillion next week.
Although this figure isn’t official yet, it signals significant fiscal adjustments for Nigeria in 2024.
The National Assembly has already extended the capital components of the 2023 budget, bringing the total budgets for 2024 to four.
The proposed budget will address various critical areas, including provisions for a new national minimum wage.
While the minimum wage bill is yet to be received, Adaramodu emphasized that the Senate will hold public hearings to involve all stakeholders before finalizing the figure.
There are speculations about a N70,000 minimum wage, but no confirmation has been made to avoid controversy.
The budget will also allocate funds for key projects such as the Lagos-Calabar Coastal Road, Sokoto-Badagry Road, and ongoing railway projects.
Additionally, it will support the rehabilitation of dams and irrigation schemes, and boost Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects.
To fund these initiatives, the government is seeking a $2.5 billion loan from the World Bank, supplementing the N50 billion Presidential Infrastructure Development Fund.
(Business Day)