Buhari Administration Sets New Record, Releases N1trillion for Capital Projects

In a new achievement described by the Minister of Finance, as the highest ever budgetary release in Nigeria’s annual funding for capital projects, Buhari administration, has set new record.

Money released for capital projects to federal ministries, departments and agencies, MDAs, from the 2016 budget, have surpassed a record N1 trillion, the Minister
of Finance, Kemi Adeosun, has disclosed.

Mrs. Adeosun described the achievement as the highest ever budgetary release in Nigeria’s annual funding for capital projects.

“So far, N1trillion has been released on capital allocations. This is the highest so far
in the history of this country,”the minister said.

“With the current stability in (crude) oil prices and the return of normalcy in Niger Delta, I am sure we will do more this year
(2017),” she said.

The Minister disclosed the figures in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her office in Abuja.

She said the amount was released for various projects proposed in the 2016 budget, including the commencement of the
construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads, expanding irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.

Details of the releases, the minister explained, include aggregate releases to the
MDAs of N870.1billion as at the end of February 2017 and additional releases of
N65.4 billion.
Other releases included manual authority to incur expenditure (AIEs) in February 2017
(N11.18 billion) and an additional manual AIEs worth N45.8billion as at March 13, 2017.
Mrs. Adeosun noted that the overall capital releases totalling N992.4 billion had significantly impacted the country’s economy, by creating jobs, stimulating
economic activities in communities and upgrading infrastructure, thereby improving
the wellbeing of Nigerians.

She said contractors returning to project sites around the country have employed workers, contributed to economic growth
and improved the wellbeing of Nigerians in line with the strategic objectives of the present administration.

“We are determined to transform the economy. This is why we are focused on capital expenditure. If we have our rails, road and power, then we will be able to
generate jobs and prosperity,” she said.

The release of the capital vote in the budget is in line with government’s drive to devote
more resources for the execution of capital projects, especially the upgrade of the country’s infrastructure to provide the
enabling environment for investment in the economy.
The Executive Council of the Federation in its meeting on March 22, 2017 had approved
the reconstruction of 12 more major highways across the country for N80 billion
as part of efforts to boost transportation in
the country.