The Nigerian government is pursuing a $2.5 billion loan from the World Bank to finance key infrastructure projects under its ‘Renewed Hope Transformational Projects’ initiative.
The Minister of Budget and Economic Planning, Atiku Bagudu, explained that the N50 billion Presidential Infrastructure Development Fund (PIDF), managed by the National Sovereign Wealth Investment Authority (NSWIA), would partially fund the 2024 supplementary budget.
Bagudu made this announcement while briefing the Senate and House of Representatives committees on National Planning and Economic Affairs about the proposed Supplementary Appropriation Bill.
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He noted that the World Bank’s management would soon meet to decide on the loan’s approval.
The supplementary budget, still in development, will focus on four major projects: the Lagos-Calabar Coastal Road, the Sokoto-Badagry Road, the completion of ongoing railway projects requiring Federal Government counterpart funding, and the rehabilitation and expansion of dams and irrigation schemes to boost agricultural production.
Additionally, Bagudu highlighted plans to allocate more funds to support Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) projects to enhance energy competitiveness.
Senator Yahaya Abdullahi, Chairman of the Senate Committee, suggested that amending the 2024 budget might be more cost-effective than drafting a new appropriation bill.
