The Federal government has allocated the sum of N946.8bn to modernize infrastructure across the federation.
This was revealed after an analysis of the 2023 appropriation bill presented by the President, Major General Muhammadu Buhari(retd.), to the National Assembly in Abuja on Friday.
The sectors included in the budget are roads, railways, waterways, housing, electricity, and infrastructure.
Analysis revealed that the proposed amounts are meant for federal agencies, ministries, and schools, among others.
According to the budget, N352.5bn would be spent on the provision of electricity while N97.8bn is for infrastructural projects.
Reacting to this, a professor of Economics at Olabisi Onabanjo University, Prof. Sheriffdeen Tella, noted that the budget was not capable of solving the infrastructural decay in the country.
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He said, “N946.8bn for infrastructure? That amount is inadequate to solve our challenges. Our infrastructural need is huge, especially when we are talking about different projects across the country that gulp a lot of money.
“I think it is to complete some ongoing projects, but it is still largely inadequate. Maybe the government will rely on extra-budgetary allocations for such because they have been doing that through Sukuk and the rest. Otherwise, that money is very inadequate given the level of infrastructural decay in the country.”
In the same vein, according to a source a Professor of Economics, Adeola Adenikinju, said, “It is presumed that the government must have estimated how much it will cost to complete the ongoing projects, particularly our roads and rail projects.
“The government has prioritized completing the Lagos-Ibadan expressway, the 2nd Niger Bridge, and rail lines. So, I assume that the government is trying to complete major infrastructural projects before handing them over to the next government.