FG Releases N1trn Capital To MDAs In 2016 Budget
By Ige Olugbenga
The Minister of Finance, Kemi Adeosun, has revealed capital releases to federal ministries, departments and agencies (MDAs) for the 2016 budget, have reached a record N1 trillion.
According to the Director of Information in the ministry, Salisu Na’inna Dambatta, 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 record is the highest ever in Nigeria’s annual funding for capital projects. 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.
Money is meant for projects
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, expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.
She said components of the releases include aggregate releases to the MDAs of N870,055,792,283 as at the end of February 2017 and additional releases of N65,393,920,000.
Others were Manual Authority to Incur Expenditure (AIEs) in February 2017 in the sum of N11,179,173,711.42 and an additional Manual AIEs worth N45,804,709,077.20 as at March 13, 2017.
Adeosun noted that the overall capital releases totalling N992,433, 595,071.42 had made impact on the Nigerian economy by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the well-being of Nigerians.
She said contractors returning to project sites around the country have employed workers, contributed to economic growth, in line with the strategic objectives of the administration of President Muhammadu Buhari.
The minister emphasised the government’s determination to “transform the economy”.
“If we have our rail, road and power, then we will be able to generate jobs and prosperity”.
