Minister of Budget and National Planning, Atiku Bagudu on Friday said the country has not invested enough in infrastructural development.
According to him, several problems being encountered recently by Nigerians are a direct result of under-investment in several multi-dimension infrastructures.
The minister spoke at the National Assembly during an interactive session with the Senate Committee on Appropriation under the chairmanship of Senator Olamilekan Adeola.
The minister was invited to provide insight into the ₦6.2tn supplementary appropriation approval for the 2024 budget by the National Assembly as requested by President Bola Tinubu.
Bagudu commended President Tinubu for the political will to confront the infrastructure deficit by seeking the ₦3.2tn to fund the projects, which include the Lagos – Calabar coastal highway, the Sokoto – Badagry highway and the Trans- Sahara highway.
He commended the president for his confidence that the projects when completed will increase economic activities and shore up the nation’s revenue base.
He added that the projects will encourage massive transformation apart from strengthening economic realities.
The minister while trying to douse the agitation of members of the committee on the fate of other deplorable roads, and uncompleted road projects in their various constituents, said the federal government has not abandoned any of the ongoing projects.
Bagudu categorically stated that the government is not giving priority attention to innovative projects at the expense of other road projects.
He assured that the Federal Executive Council will continue to consider and give financial approval to other roads as funds are available.
The minister though did not give a detailed statement of the supplementary approval, gave a sectoral overview of both the ₦3.2tn of the Renewed Hope Infrastructure Projects, and the ₦3tn increase in the recurrent component of the budget.
Chairman of the Senate Appropriation Committee, Senator Adeola the government has full capacity to finance the 2024 budget.
He, however, implored the minister to make available to the committee a full detail and breakdown of the ₦6.2tn approval as soon as possible.
