Economy

N650bn released for Capital projects in the 2019 budget – Ahmed

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Wednesday, disclosed that about N650 billion has so far been released for capital projects in the 2019 budget.

She spoke with State House correspondents at the end of the Federal Executive Council meeting presided over by Vice-President Yemi Osinbajo.

According to her, the figure had already surpassed the N600 billion President Muhammadu Buhari directed to be released as at October 2019.

She was responded to the excuse given by the Minister of Works and Housing, Mr. Babatunde Fashola, that poor funding was the reason road projects were not executed at a faster pace.

Despite the government facing revenue challenges, she said that works, housing, power, and transportation have so far received the highest releases.

“Works is always on the priority list; housing is always funded, same is transportation and power, though we have revenue challenges”, she said.

She also said that the government issued a number of Sukuk Bonds aimed at generating money to fund road projects.

The Minister also pointed out that the majority of bad roads belonged to the various state governments.

Ahmed disclosed that Nigeria’s shares at the International Bank for Reconstruction and Development have risen to the value of $50.6 million.

With this, she said, Nigeria’s rating before global financial institutions has improved.

According to her, Nigeria accepted the offer since March this year and briefed the council on Wednesday.

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