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Capital Projects: FG to release additional N750bn 


The Federal Government on Monday said the sum of N750bn would be released this week to its Ministries, Departments and Agencies for the execution of some capital projects contained in the 2017 budget.

The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France.

The delegation is made up of 30 companies from France that also expressed their readiness to invest in key sectors of the Nigerian economy.

The 2017 budget, christened Budget of Recovery and Growth, was presented to the National Assembly on December 14, 2016, and passed by the lawmakers in May.

The fiscal document, which was signed into law by Prof. Yemi Osinbajo on June 12, 2017 then as Acting President, has a total expenditure of N7.44tn out of which N2.99tn is for non-debt recurrent spending; N2.36tn for capital expenditure while debt servicing is to gulp N1.66tn.

Adeosun said the government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total of N1.2tn would have been invested in infrastructure projects.

She said, “What the government is doing is to provide the enabling infrastructure that would turn potential into a reality.

“Last year, we released N1.3tn for capital (projects) and so far this year, we have released N450bn. This week, we will release another N750bn. This will take the releases to N1.2tn by the end of the year.”

She told the delegation that the infrastructure deficit in the country was huge, adding that this had provided an opportunity for investment.

The head of the delegation, Mr. Philippe Labonne, said the investors had indicated interest to invest in key sectors of the economy such as banking, infrastructure, renewable energy, agriculture and youth empowerment.




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