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Budget 2013: FG releases N250b for third quarter capital projects

By on August 25, 2013

The Federal Government has released the sum of N250 billion for capital projects for the third quarter of the year to expedite the execution of key infrastructure, security and social projects captured in Budget 2013.

This is according to the Federal Ministry of Finance, is in line with the priorities set out by President Goodluck Jonathan, bringing total amount so far been released for capital projects this year to N850 billion.

The statement affirmed that all the funds released have been cash-backed, recalling that N400 billion and N200 billion respectively were released for capital projects in the first and second quarters of the year.

The Ministry added that implementation of various capital projects across the country is ongoing and currently, utilisation of the released funds for capital projects for this year stands at 71 per cent.

The 2013 budget was signed into law by President Goodluck Jonathan on February 26 amid reservations.

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi-Iweala, had  during a presentation on the 2013 budget said the government remained focused on critical economic and social sectors driven largely by private sector activities.

To achieve this, she had said N497 billion was allocated to key infrastructure, including power, works, transport, aviation, gas pipelines and Federal Capital Territory; human capital development (education and health), N705 billion; and agriculture/water resources, N175 billion.

According to her, “we recognise that Nigeria’s infrastructure deficit remains one of the binding constraints to growth in the economy. Therefore, our strategy is to prioritise infrastructure investments in the budget and also to leverage additional external financing for infrastructure investments in the country.

“For example, the 2013 budget has some important infrastructure projects in the transportation sector such as the second Niger Bridge.”

She also said the Federal Government’s would further reduce annual domestic borrowing as well as defray the debts of Nigeria’s foreign missions.

For instance, the minister had said the annual domestic borrowing to finance the budget deficit had been reduced from N852bn in 2011, to N744bn in 2012 and N577bn in 2013.

 

 

[Daily Independent]