FG releases N650b for
2019 capital budget
DESPITE shortfalls in revenues, Nigeria’s shares at International Bank for Reconstruction and Development (IBRD) have risen to $50.6million in value.
Minister of Finance, Budget and National Planning, Zainab Ahmed, made the disclosure while briefing State House correspondents after the weekly Federal Executive Council (FEC) meeting yesterday.
Speaking alongside Ministers of Information and Culture Ministry, Lai Mohammed and Minister of State for Transportation, Gbemi Saraki, at the end of the meeting which was presided over by Vice-President Yemi Osinbajo, Ahmed stated that with the development, Nigeria’s rating before global finance institutions has improved.
The Finance Minister also told newsmen that federal government has so far released over N650 billion for capital projects in the 2019 budget, adding that it has set December target to release additional N250 billion to bring the total released to N900 billion while she also recalled that government issued a number of Sukuk bonds targeted at generating money to fund road projects across the country.
According to her, the figure had already surpassed the N600 billion which President Muhammadu Buhari directed to be released as of October.
She however noted that not all roads were federal-government roads as majority of bad roads belonged to various state governments.
“Majority of the roads in the country are within the purview and responsibility of states as well as local governments.
“Have we done enough? No, not yet, that is why we are trying to do more including raising special funds to make sure that roads and such other infrastructure are being addressed.
In October, when the President was submitting the budget to the National Assembly, he had indicated that he had given a directive that we should release N600 billion for capital expenditure, we have already more than that, the target for us is to be able to release up to N900 billion by December but right now we are at about N650 billion capita release so far.
I also want to remind you that for the past two years, we have issued Sukuku bonds. In 2017, it was for the construction of 25 roads. In 2018, 23 roads and there is also another one that is being processed.
We have a lot of roads in the country but not every road you see is a responsibility of the Federal Government. The major arterial roads are the ones that are the responsibility of the federal government,” she said.
Saraki said that council approved N1.7 billion for the construction of jetty in Bonny Island.