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.
“So far, N1 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 N870,055,792,283 as at the end of February
2017 and additional releases of N65,393,920,000.
vanguardngr report that Others were Manual
Authority to Incur Expenditure (AIEs) in February 2017 in the sum of
N11,179,173,711.42 and an additional Manual AIEs worth N45,804,709,077.20 as at
March 13, 2017.
In its efforts at providing more resources for capital projects, the cabinet at its weekly meeting last Wednesday, approved N80 billion for infrastructure projects across the country.
The House of Representatives also approved a $500 million Euro Bond as part of the 2016 borrowing plan last week.
credit: vanguardngr
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