FG released over N4.33tn released for capital projects — Udoma

The Federal Government has released over N4.33tn in the last
three years to Ministries Departments and Agencies of government
for the implementation of capital projects.

The Minister of Budget and National Planning, Udo Udoma gave the
figure during a press briefing on the activities of the ministry
and its parastatals under his leadership.

Giving a breakdown of the amount, the minister explained that
the Federal Government through the ministry of finance was able to
release N1.2tn under the 2016 budget for capital spending.

For the 2017 fiscal period, the minister said the sum of N1.2tn
was released while N1.55tn had been released as of May 8 for the
capital component of the 2018 budget.

He said the focus on capital projects was based on the need to
reflate the economy following the recession that the country
witnessed in 2016.

He said, “An important strategy we embarked on in order to exit
recession was to seek to reflate the economy.

“This was why we increased the capital budget from 16.1 per cent
in 2015 to 30.2 per cent in 2016, 31.7 per cent in 2017, 31.5 per
cent in 2018 and 26 per cent in 2019. We are also able to increase
our capital releases.”

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