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FG To Release N750bn For Capital Projects

The Federal Government today disclosed that it would release an additional sum of N750 billion this week for implementation of capital projects contained in the 2017 budget to Ministries, Departments, and Agencies of government.

Giving the hint when she hosted a delegation of investors from France, the Minister of Finance, Mrs. Kemi Adeosun, said the government had earlier released the sum of N450 billion for implementation of capital projects, adding that with the additional N750 billion, total releases so far would amount N1.2 trillion.

The delegation comprises representatives of 30 companies who have expressed their intention to invest in key sectors of the nation’s economy.

She clarified: “What the government is doing is to provide enabling the infrastructure that would bring potential into reality. Last year we released N1.3tn of capital and so far this year we have released N450bn and this week we will release another N750bn and this will take the release to N1.2tn by the end of the year.”

It would be recalled that this year’s budget tagged ‘Budget of Recovery and Growth and which had an expenditure proposal of N7.44 trillion, was presented on December 14, 2016, by President Muhammadu Buhari to the joint session of the National Assembly and passed by the lawmakers in May.

The Appropriation Bill was subsequently signed into law by Acting President, Prof. Yemi Osinbajo on June 12, 2017. Of the N7.44 trillion budget, N2.99 trillion was provided for non-debt recurrent expenditure, N2.36 trillion for capital expenditure while debt servicing was to gulp N1.66 trillion.

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