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N300 billion Released for 3Q Capital Projects – FG

By on August 17, 2012

Finance Minister, Ngozi Okonjo-Iweala

The Federal Government released N300 billion for capital projects earmarked to be executed in the third quarter.

According to the Finance Minister, Ngozi Okonjo Iweala the total quantum of money released for capital projects in Nigeria under the 2012 budget stands at N 704 billion.

The 2012 budget has a capital project outlay of N1.5 trillion, bringing the performance to approximately 50%, still short of the 100% demanded by the House of Representatives.

Speaking on the utilization rate of the capital project funds by the Ministries, Departments and Agencies, Iweala said it had improved and would continue to do so.

Her words: “As of the end of June, utilisation by the various MDAs of the N404bn was 56 per cent. Now as of the end of July, it was 65.4 per cent utilisation and this is the number we are happy to give to you. The MDAs have stepped up their utilisation rate.

“We had earlier released N404bn, with this additional N300bn, that brings us to N704bn which is about 53 per cent of the annual capital budget of N1.36tn.

“We should note that based on what we had released before which was N404bn, utilisation of that had got up to 56 per cent at the end of June. And on top of that, we are now releasing this additional N300bn for the third quarter.”

Sentiments coming from members of the House of Representatives at this time show that the lawmakers are happy with the steps taken by the Presidency, and it appears the lawmakers may soften their stance on the impeachment threat leveled against the President over poor performance.