Tashikalmah Hallah and Nasidi A. Yahaya
5 November 2009
Abuja — President Umaru Musa Yar'adua has written to the National Assembly requesting for an endorsement of a supplementary budget of N325bn to consolidate and sustain peace in the Niger Delta region.
According to the supplementary bill, the government is to spend N114 billion on post amnesty intervention in the Niger Delta.
The President explained that "it is extremely important that we embark on projects which would help deepen and consolidate peace as well as lay foundations for the sustainable development".
"This is crucial to rebuilding confidence and trust in the amnesty initiative, enhancing production and improving revenue flow to the federation account, mitigating investment risks, as well as boosting full realization of the nation's economic potential."
He listed projects to be executed to include the East-West Highway (currently under construction); coastal road/highway; East-West Rail Line; Inland Communities; dredging of canals; housing and land reclamation projects for oil producing communities; and environmental clean-up activities.
"The money being appropriated will be will be ring-fenced under a similar arrangement that has been made in respect of funding for the National Integrated Power Project, and appropriate mechanisms of accountability, control and reporting will be put in place," he said.
The budget will also address the issue of financing strategic interventions aimed at addressing supply constraints and unemployment in the context of the global economic meltdown.
The supplementary bill according to the President will equally address the expected reforms in the downstream petroleum sector, settle pension arrears and meet funding shortfall and provide counterpart funding.
The Speaker of the House of Representatives read the President letter to the House during the plenary session yesterday.
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