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BUSINESS & ECONOMYCOVERNEWSLETTER

Infrastructure, Human Capital Development To Cost FG N3.53tn

FAAC Distributed N671bn To FG, States, LG In October

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, stated that the Federal Government plans to spend N1.42tn on infrastructure projects and N2.11tn on human capital development in 2022.

Ahmed, who disclosed this on Tuesday at a town hall meeting in Abuja on the achievements of the government in infrastructure development, stressed the importance of good quality infrastructure in engendering and accelerating economic development.

According to her, this government will continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.

“In 2022 alone, we plan to spend about N1.42tn on infrastructure and N2.11tn on human capital development,” she said.

The minister stated that between 2019 and 2021, President Muhammadu Buhari approved 33 road projects for construction under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

She also said the sum of N78bn worth of tax credits was issued to investors under the scheme within the review period. She said key capital projects were being financed by bilateral and multilateral loans.

According to her, all loans acquired from the Chinese EXIM banks are being used to fund the Zungeru Hydropower Plant Project, $984.32m; Lagos-Ibadan Railway Project, $1.26bn; upgrading and rehabilitation of Keffi-Akwanga-Lafia Road Project, $460.82m; supply of rolling stock and depot equipment for Abuja Light Rail Phase 1 Project, $164.91; and four airports terminal expansion project phase II, $208.91m, among others.

She said the Nigeria Electrification Project ($350m), the North Core Interconnection Power Transmission Line ($32.3m), and the Nigeria Electricity Transmission and Access Project ($486m) were currently funded by loans provided by the World Bank.

Ahmed said loans acquired from the African Development Bank had been invested in the actualization of the Nigeria Electrification Project ($200m) and the Nigeria Transmission and Expansion Program ($210m).

According to her, lons from the French Development Bank are being used to finance the Abuja Power Feeding Transmission Scheme ($170m) and the Northern Corridor Transmission Line ($245m).

About Author

Boluwatife Oshadiya Lagos, Nigeria
Boluwatife Oshadiya is a graduate of Mass communication with a passion for content creation and digital marketing. He aspires to become a very well known and respected member of his field of study and can be reached via [email protected]

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