Federal Government Embarks On Massive Nationwide Development, Releases Over N280 Billion For Capital Projects

The President Muhammadu Buhari-led Federal Government, has so far released N285 billion, to some Agencies, for capital projects captured in the 2020 budget, and another $220 million as counterpart funds for railway projects in the country.

The Minister of Finance, Zainab Ahmed, made this known when she fielded questions from State House Correspondents, after a closed-door meeting with President Muhammadu Buhari, on Friday.
The Minister, who was in the State House in the company of members of the Presidential Committee on the impact of Covid-19 on Nigeria’s economy, updated the President on the activities of the Committee.

She listed the Ministries of Education, Health, Transport, Works and Housing, and the Niger-Delta, as beneficiaries of the N285 billion capital fund.

The Minister said that government prioritised Agencies handling critical infrastructure projects, as beneficiaries of the first tranche of releases.

“As at Tuesday, this week, we have released N285 billion to a number of Agencies. We prioritised the releases to the critical infrastructure Agencies.

“We also made releases to Education, as well as Health, so the Ministries of Transport, Works and Housing, Niger-Delta; a number of Ministries and Agencies that have important infrastructure projects, have got their funds’’, she added.

The Minister further disclosed that $220 million, has so far been released as counterpart funding for railway projects in the country.

“Also this week, we have been able to release to the Ministry of Transport, the counterpart funding provided for in our budget, that is required for the important railway projects that are currently ongoing, with financing from the China-Exim Bank; so, there are funds that have been released this week.

“In addition to the N285 billion, there is up to about 220 million dollars, that has been released for railway projects”, she added.

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