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FG Releases N750bn Capital Projects Fund to MDAs

The Federal Government has commenced the release of the N750 billion capital projects for 2017 to Ministries, Departments and Agencies (MDAs).

Minister of Finance, Mrs. Kemi Adeosun stated this on Monday during the ministry’s budget defense when she appeared before Senate Committee on Finance at the National Assembly complex in Abuja.

“The accounts of the MDAs are being credited as I speak. If the MDAs check their balances, they will have a different balances in their accounts”, she said.

The Minister also explained that the ongoing capital projects will be rolled over into 2018, adding that “with the capital budget release, we expect many of the ongoing projects by the MDAs to be completed”

She commended the leadership and members of the National Assembly for their support in approving the issuance of Eurobond, stressing that some of the funds are being deployed in the execution of the 2017 budget while balance is being used to refinance the country’s existing debt.

Adeosun had in a meeting with an investors delegation from France recently, disclosed that the N750 billion would be release for capital projects.

The Daily Times recalls that the 2017 budget, christened “Budget of Recovery and Growth,” was presented to the National Assembly on December 14, 2016, and passed by the lawmakers in May.

The fiscal document, which was signed into law by Prof. Yemi Osinbajo on June 12, 2017 then as Acting President, has a total expenditure of N7.44tn out of which N2.99tn is for non-debt recurrent spending; N2.36tn for capital expenditure while debt servicing is to gulp N1.66tn.

Adeosun said the government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total of N1.2tn would have been invested in infrastructure projects.

Mathew Dadiya, Abuja

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