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COVERNEWSLETTERPOLITICS & GOVERNMENT

FG Commences Disbursement of N750billion for Capital Projects

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The Federal Ministry of Finance has kicked off the disbursement of N750 billion capital expenditure to Ministries, Departments and Agencies (MDAs), few days before the end of 2017.

Finance minister, Kemi Adeosun, who spoke to the Senate finance committee in Abuja, yesterday, at the 2018 budget defence, said; “the accounts of the MDAs are being credited as I speak. If the MDAs check their balances, they will have a different balance in their accounts.”

Mrs Adeosun told members of the Senate Committee on Finance that “ongoing capital projects will be rolled over into 2018.”

She said with the capital budget release, “we expect many of the ongoing projects by the MDAs to be completed.”

The Minister, who spoke on the capital releases, said “what the government is doing is to provide enabling infrastructure that would bring potential into reality.

“Last year we released N1.3 trillion of capital and so far this year we have released N450 billion and this week we will release another N750 billion and this will take the release to N1.2 trillion by the end of the year.”

She also thanked 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 the balance is used to refinance our existing debt.”

 

 

 

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