Over N4.33tn released for capital projects in three years —FG

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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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