 |
Minister of
Finance, Mrs. Kemi Adeosun
|
Capital releases to
Federal Ministries, Departments and Agencies, MDAs, for the 2016 budget, have
reached a record N1 trillion, the highest ever in Nigeria’s annual
funding for capital projects, Minister of Finance, Mrs. Kemi Adeosun, has
revealed.
Vanguard
report continues:
“So
far, ₦1 trillion has been released on capital and this is the highest so far in
the history of this country. With the current stability in oil price and the
return of normalcy in Niger Delta, I am sure we will do more this year, 2017,”
she said.
According
to the Director of Information in the ministry, Mr. Salisu Na’inna Dambatta,
the minister disclosed the figure in an interactive exchange with members of
the House of Representatives Tactical Committee on Recession in her office
in Abuja.
The
amount was released for various projects, including the commencement of the
construction of a dual standard railway line that would link Lagos and Kano;
rehabilitation of roads, expansion of irrigation facilities to boost
agriculture and the upgrading of aviation infrastructure throughout the
country.
She
said components of the releases include aggregate releases to the MDAs of ₦870,055,792,283
as at the end of February 2017 and additional releases of ₦65,393,920,000.
Others
were Manual Authority to Incur Expenditure (AIEs) in February 2017 in the sum
of ₦11,179,173,711.42 and an additional Manual AIEs worth ₦45,804,709,077.20 as
at March 13, 2017.
Mrs.
Adeosun noted that the overall capital releases totalling ₦992,433, 595,071.42
had made impact on the Nigerian economy by creating jobs, stimulating economic
activities in communities and upgrading infrastructure, thereby improving the
well being of Nigerians.
She
said contractors returning to project sites around the country have employed
workers, contributed to economic growth and improved the well-being of
Nigerians, in line with the strategic objectives of the administration of
President Muhammadu Buhari.
The
Minister emphasized: “We are determined to transform the economy and this is
why we are focused on capital expenditure. If we have our rail, road and power,
then we will be able to generate jobs and prosperity.”
In
its efforts at providing more resources for capital projects, the cabinet at
its weekly meeting last Wednesday, approved ₦80 billion for infrastructure
projects across the country.
The House of Representatives also approved a US$500 million Euro Bond as part of the 2016 borrowing plan last week.
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