2016 Budget: FG Spends N1tr on Capital Projects
By Dipo Olowookere
At least N1 trillion has been used so far to fund capital projects in the 2016 appropriation bill, the Minister of Finance, Mrs Kemi Adeosun, has disclosed.
This is the highest in the history of Nigeria, the Minister added.
In a statement issued by the Director of Information Unit at the Ministry of Finance, Mr Salisu Na’inna Dambatta, the Minister said with the current stability in oil price and the return of normalcy in Niger Delta, more would be achieved in 2017.
“So far, N1 trillion has been released on capital and this is the highest so far in the history of this country. With the current stability in oil price and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” Mrs Adeosun said.
The Minister, while addressing members of the House of Representatives Tactical Committee on Recession, explained that the amount was released for various projects including the commencement of the construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads and others.
She explained that the components of the releases include aggregate releases to the MDAs of N870 billion as at the end of February 2017 and additional releases of N65 billion.
Others were Manual Authority to Incur Expenditure (AIEs) in February 2017 in the sum of N11 billion and an additional Manual AIEs worth N45 billion as at March 13, 2017.
According to Mrs Adeosun, the overall capital releases of N992.4 billion have made impact on the Nigerian economy, by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the well-being of Nigerians.