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2017 Budget: N1.2tr for Capital Project Excites DMO

By Dipo Olowookere

A total of N1.2 trillion has been released by the Federal Government to finance capital projects in the 2017 Appropriation Act, the Debt Management Office (DMO) has confirmed.

In a statement issued yesterday, the debt office noted that the release has demonstrated the present administration’s a strong commitment to prioritise improvement in infrastructure in order to stimulate economic growth and development.

According to the DMO, the development is huge given that the 2017 Budget was only finalised in July 2017.

“Since the 2017 Budget is still being implemented, more releases to capital are expected,” the statement said.

It noted that, “In line with its statutory mandate of funding the Federal Budgets, the DMO raised a total of N1.254 trillion from the Domestic Market through the Issuance of Federal Government of Nigeria Bonds, Nigerian Treasury Bills, as well as Sukuk and Green Bonds.

“This amount was consistent with the provision for New Borrowing in the 2017 Appropriation Act.

“The DMO also raised $2.8 billion in the International Capital Market through a $300 million Diaspora Bond in June 2017 and a $2.5 billion Eurobond in November 2017 which together represent about 80 percent of the N1.0675 trillion (about $3.5 billion) provided as New External Borrowing in the 2017 Appropriation Act.

“The outstanding amount of $700 million in External Borrowing is expected from multilateral sources.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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