Would you like to receive notifications on latest updates of the following headlines?

FG Approves N2tn for Lagos-Calabar highway, others

POSTED ON July 24, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
Lagos-Calabar highway

The N6.2tn budget amendment bill has been approved by the National Assembly for the third reading, with the Federal Government allocating approximately N2tn for the Lagos-Calabar highway and various road projects.

The bill was passed following the presentation of the Senate Committee on Appropriation's report on the 2024 Appropriation (Amendment) Bill by Chairman Olamilekan Adeola (APC, Ogun West).

On July 17, 2024, President Bola Tinubu sent a bill to the Senate for an Act to amend the Appropriation Act, 2024, proposing a total of N6.2tn with N3.2tn for capital expenditure and N3tn for recurrent expenditure.

The allocation includes N700bn for the coastal road from Lagos to Calabar, passing through Lagos, Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom, and Cross River states.

The Port-Harcourt to Maiduguri railway line is allocated N530bn, passing through Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and Borno states.

The appropriation also covers the Badagry to Tin Can Port, Lekki Port, Ijebu Ode, and Kajola. Additionally, the African Trans-Sahara Highway (traversing Benue, Kogi, Nasarawa, Abuja) is allocated N200bn.

The bill also designates N349bn for water, irrigation, dam development projects, and N75bn for the Livestock Development Programme.
During the bill's presentation, Olamilekan stated, "The bill underwent first and second readings and was referred to the Committee on Appropriations for further legislative action.

"The 2024 Appropriation Act (Amendment) Bill aims to provide additional funds for Renewed Hope Infrastructure Development Projects to be carried out nationwide."
#

READ ALSO
Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...

READ ALSO
CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...

READ ALSO
Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...

READ ALSO
Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 7, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...

READ ALSO
Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 6, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...

READ ALSO
Nigerian Investors Launch $5 Billion Cooperative Trust Fund to Empower MSMEs
BY Abiodun Saheed Omodara July 6, 2025 0

A coalition of Nigerian investors has introduced a Cooperative Trust Fund valued at $5 billion, aime...

READ ALSO
Nigeria Aims to Eliminate Routine Flaring by 2030 and Cut Methane Emissions by 60% by 2031
BY Abiodun Saheed Omodara July 3, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission has announced that its gas-focused transition...

READ ALSO
NNPCL Revamps Financial Discipline, Collaborate with Independent Producers
BY Abiodun Saheed Omodara July 3, 2025 0

The CEO of Seplat Energy Plc, Roger Brown, stated that the Nigerian National Petroleum Company Limit...

OUR CHANNELS:

Reinventing Nigeria’s Fiscal Framework: A Call for Unity and Responsibility
BY Abiodun Saheed Omodara July 9, 2025 0

President Bola Tinubu has emphasized his government's dedication to allocating sufficient resources...


CBN Mandates Capital Restoration Plans for Banks: A Step Towards Regulatory Compliance
BY Abiodun Saheed Omodara July 8, 2025 0

The Central Bank of Nigeria has instructed banks to provide a capital restoration plan as part of it...


Nigeria Faces Teacher Shortage: Over 31 Million Learners Rely on Just 915,913 Educators
BY Abiodun Saheed Omodara July 9, 2025 0

According to data from the Universal Basic Education, only 915,913 teachers are available for at lea...


Tinubu Calls for Equitable Global Framework at BRICS Summit
BY Abiodun Saheed Omodara July 8, 2025 0

President Bola Tinubu has advocated for a more equitable global framework regarding climate action,...


Two Men Charged in CBEX Investment Scheme Remain in Custody
BY Abiodun Saheed Omodara July 8, 2025 0

A Federal High Court in Abuja has placed two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, in...


LASG Takes Action, Dismantled  Illegal Checkpoints Along Badagry Expressway
BY Abiodun Saheed Omodara July 8, 2025 0

LAGOS, Nigeria - The Lagos State government has dismantled illegal checkpoints along the Lagos&ndash...


Natasha's Return Plans on Hold as Senate Awaits Court Judgment Copy
BY Abiodun Saheed Omodara July 8, 2025 0

The suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has declared her intention...


Nigerian States Accumulate N417.7 Billion in Domestic Debt Amid Rising FAAC Revenue
BY Abiodun Saheed Omodara July 8, 2025 0

At least 10 Nigerian states have cumulatively increased their domestic debt by N417.7 billion from t...


Governor Otti Facilitates Release of Inmates After 26 Years
BY Abiodun Saheed Omodara July 9, 2025 0

Governor Alex Otti of Abia State on Saturday welcomed three Nigerians who were released after spendi...


Tinubu Pledges to Eliminate Bureaucratic Hurdles in Agriculture During Bilateral Talks with Brazil
BY Abiodun Saheed Omodara July 9, 2025 0

President Bola Tinubu expressed his commitment on Saturday to his Brazilian counterpart, Luiz Inacio...


More Articles

Load more...

Menu