Total capital budget release to hit N1.2tn
The Minister of Finance, Mrs Kemi Adeosun has said that the sum of N750bn would be released this week to Ministries, Departments and Agencies of government for implementation of capital projects captured in the 2017 budget.
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The Minister gave the disclosure while speaking during a meeting with a delegation of investors from France. She said the government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total sum of N1.2tn would have been invested in infrastructure projects.
She said, “What the government is doing is to provide enabling 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.”
The 2017 budget, christened Budget of Recovery and Growth, a total budget size of N7.44tn out of which N2.99tn was for non-debt recurrent spending, N2.36tn for capital expenditure while N1.66tn was appropriated for debt servicing.