2017 Budget: FG Releases N750bn For Capital Projects

The Federal Government says it will release the sum of N750 billion this week to Ministries, Departments and Agencies of government for implementation of capital projects as part of the 2017 budget.

Mrs Kemi Adeosun, Minister of Finance, made the disclosure on Monday, during a meeting with a delegation of investors from France.

The delegation is made up of 30 companies from France that have expressed their readiness to invest in key sectors of the Nigerian economy.

“What the government is doing is to provide enabling infrastructure that would bring potential into reality,” Adeosun said.

“Last year we released N1.3tn of capital and so far this year we have released N450bn and this week we will release another N750bn and this will take the release to N1.2tn by the end of the year.”

The N7.44 trillion 2017 Budget of Recovery and Growth, was presented to a joint session of the National Assembly on December 14, 2016, and passed by the lawmakers in May, 2107.

Of the total N7.44 trillion budgeted for 2017, N2.99 trillion was for non-debt recurrent spending, N2.36 trillion for capital expenditure while debt servicing was to gulp N1.66 trillion.