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FG releases N1 trillion to MDAs for capital projects

By News Express on 27/03/2017

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•Finance Minister Kemi Adeosun.
•Finance Minister Kemi Adeosun.

The Minister of Finance, Mrs. Kemi Adeosun, said capital releases to Federal Ministries, Departments and Agencies (MDAs) for the 2016 budget had reached a record N1 trillion.

In a statement by the Director of Information, Ministry of Finance, Mr. Salisu Danbatta, yesterday in Abuja, Adeosun attributed the record performance to stability in oil prices.

She said that with the return of normalcy in Niger Delta, she was confident that the Federal Government would achieve even more in the 2017 Budget. According to the News Agency of Nigeria (NAN), the minister said the amount was released for various projects, which included the construction of a dual standard railway line from Lagos to Kano and rehabilitation of roads, among others.

Also of importance, she said, were the expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure. “The components of the releases included aggregate releases to the MDAs of N870.05 billion as at the end of February 2017 and additional releases of N65.39 billion.

“Others were Manual Authority to Incur Expenditure (AIEs) in February 2017, totalling N11.179 billion and an additional Manual AIEs worth N45.81 billion as at March 13, 2017,” the statement read in part.

Adeosun said the overall capital releases, totalling N992.44 billion, had made impact on Nigeria’s economy through creation of jobs and stimulation of economic activities in communities.

The releases have also enhanced upgrading of infrastructure, thereby improving the wellbeing of Nigerians, she said.

The minister pointed out that contractors returning to project sites around the country have employed more workers.

“They are also contributing to economic growth and improved wellbeing of Nigerians.” (NAN/The Guardian)

Source News Express

Posted 27/03/2017 12:30:36 PM


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