The Federal Government, FG, has proposed allocating N93.66 billion of its N20.51 trillion budget to the Ministry of Transportation for the fiscal year 2023.
A breakdown of the Ministry’s budget reveals that of the total N93,661,778,746 billion allocated to it, capital projects would consume N92.25 billion; overhead costs were assigned N382.18 million, and personnel costs were allocated N1 billion.
A further breakdown of the budget reveals that of the N85.22 billion allocated for construction/provision, N1.14 billion was designated for road rehabilitation/repairs, and N84 million was allocated for both construction/provision and rehabilitation/repairs of waterways.
The ministry will spend the majority of its capital budget on ongoing initiatives, including Anti-Corruption and Transparency Unit (ACTU) actions in the ministry.
and its agencies and instituting transparency, compliance, ethics, and establishing zero tolerance for workplace corruption, development
The proposed budget for the code of conduct and project monitoring is N30 million.
The federal government proposed N30,759,220,905 billion for, among other things, the completion of Abuja-Kaduna, the completion of Lagos-Ibadan and its associated additional works, the rehabilitation of the Itakpe-Ajaokuta rail line, and the construction of 12 NOS station buildings and track laying works at railway ancillary facilities area Agbor.
The building of identification and installation of 30km speed reduction on road signage in high-risk zones (quarterly) has been allocated N18 million, while Railway modernization has been allocated 10bn.
In addition, N1.21 billion was designated for the construction of office space for the ministry.
However, the ministry also reported a revenue surplus (deficit) of -N93,661,778,746 billion.