The bulk of the money released would be channelled into on-going projects especially in the works, defence, transportation, interior, power and agriculture ministries.
This disclosure made by the Minister of Finance , Mrs Kemi Adeosun in Abuja on Monday, June 19, 2017, through a statement issued by her Senior Adviser on Media and Publicity, Festus Akanbi highlighted that the said amount have been released to Ministeries, Departments and Agencies (MDAs) of the government towards easing the current economic crisis facing the country.
“With the N350 billion to be released, the federal government would have released the total sum of N770 billion for capital projects this year, having released N420 billion thus far in 2016.”
The press release also state that the bulk of the money released would be channelled into on-going projects especially in the works, defence, transportation, interior, power and agriculture ministries.
Mrs Adeosun also informed that the federal government is working on raising another round of $1 billion from the Europe debt market. And the proceeds would be used strictly for capital projects.
The Director-General of the Debt Management Office, Dr Abraham Nkwanko corroborated the Minister by stating that: “…We have a directive to make sure we use the minimum time to conclude all these activities. So we assure you that we are going to cut the time because of the emergency situation.”
He continued: “Before the middle of December, we will have the money. We are very focused on the fact that these monies are needed urgently to turn around the economy and we are working on that.”
Nigeria’s Minister for Budget and Economic Planning, Senator Udoma Udo Udoma stated that the government is working hard to generate more funds to fully implement the 2017 budget, which is themed the budget of Economic Recovery and Growth Plan.
“In terms of implementation of the budget, we are making strenuous efforts to find the resources required. We are challenging our revenue generating agencies, particularly the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Services to improve their efficiencies and broaden their reach to achieve the targets set for them in the 2017 budget.”
Mr Udoma also stated that about 65 roads and bridges are undergoing construction and rehabilitation across the six geopolitical zones in the country.
“It is important to note that although capital expenditure suffered because key recurrent spending like debt service and payment of salaries had to be met first, the N1.22 trillion released for capital projects under the 2016 budget was the highest aggregate capital releases for a single fiscal year in Nigeria."
“This was achieved despite the lower oil prices and revenue shortfalls, which underscores the government’s commitment to investing in critical infrastructure,” he said.