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FG Releases Fresh N750b to MDAs for Capital Projects

By Modupe Gbadeyanka

The sum of N750 billion will be released this week by the Federal Government to Ministries, Departments and Agencies (MDAs) of government.

This amount is for the implementation of capital projects contained in the 2017 budget passed into law in May and signed in June this year.

Minister of Finance, Mrs Kemi Adeosun, confirmed this released on Tuesday morning through her official Twitter account.

With the N750 billion to be released this week, it would take the amount released so far in the budget, for infrastructure projects, to N1.2 trillion.

“This week @FinMinNigeria will release N750 billion to Federal Ministries, Departments and Agencies (MDAs), from the capital allocation of the 2017 Budget.

“This will take the amount released so far in the budget, for infrastructure projects, to N1.2 trillion,” Mrs Adeosun tweeted.

Commenting further, the Minister said, “We are focused on providing Nigeria with the enabling infrastructure required to drive investment, economic growth, and prosperity.

“In the 2016 budget, we released N1.2 trillion for capital projects. By the end of 2017, we’d have matched that figure in the 2017 budget.”

A breakdown showed that in the first quarter of this year, government released N350 billion for capital projects, while in October 2017, it released N100 billion it got from the Sukuk Bond issuance and now the N750 billion.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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