News Release March 26, 2016
2016 Budget: Capital Releases to MDAs reaches the N1trillion mark
Capital releases to Federal Ministries, Departments and Agencies
(MDAs) for the 2016 budget, have reached a record N1 trillion, the
highest ever budgetary releases in Nigeria’s annual funding for
capital projects, Minister of Finance, Mrs. Kemi Adeosun has
revealed.
“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),” she said.
The Minister disclosed the figure in an interactive exchange with
members of the House of Representatives Tactical Committee on
Recession in her office in Abuja.
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, expanding
irrigation facilities to boost agriculture and the upgrading of
aviation infrastructure throughout the country.
She said that the components of the releases include aggregate
releases to the MDAs of N870, 055, 792, 283.00 billion as at the end
of February 2017 and additional releases of N65, 393, 920, 000
billion. Others were Manual Authority to Incur Expenditure (AIEs) in
February 2017 in the sum of N11, 179, 173, 711.42 billion and an
additional Manual AIEs worth N45, 804, 709, 077.20 billion as at March
13, 2017. Mrs. Adeosun noted that the overall capital releases
totalling N992, 433, 595, 071.42 billion have made impact on the
Nigerian economy, by creating jobs, stimulating economic activities in
communities and upgrading infrastructure, thereby improving the
wellbeing of Nigerians.
The Minister pointed out that 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 administration of President Muhammadu
Buhari.
The Minister emphasised: “We are determined to transform the economy
and this is why we are focused on capital expenditure. If we have our
rail, road and power, then we will be able to generate jobs and
prosperity.”
It could be recalled that in the Federal Government’s drive to devote
more resources to capital projects, especially the upgrading of the
country’s infrastructure, the Federal Executive Council at its meeting
on March 22, 2017, approved the reconstruction of 12 more major
highways across the country at the contract sum of N80 billion.
Signed
Salisu Na’inna Dambatta
Director (Information)