The Federal Government is set to release as much as N750 billion to Nigerian states for use in implementing capital projects.
According to The Punch, the Federal Government on Monday said the sum of N750bn would be released this week to Ministries, Departments and Agencies of government for implementation of capital projects contained in the 2017 budget.
The Minister of Finance, Mrs Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France.
The delegation is made up of 30 companies from France that have expressed their readiness to invest in key sectors of the Nigerian economy.
The 2017 budget, christened Budget of Recovery and Growth, was presented to the National Assembly on December 14, 2016, and passed by the lawmakers in May.
The fiscal document which was signed into law then by Acting President Yemi Osinbajo on June 12, 2017 had a total expenditure of N7.44tn out of which N2.99tn was for non-debt recurrent spending, N2.36tn for capital expenditure while debt servicing was to gulp N1.66tn.
She said the government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total sum of N1.2tn would have been invested in infrastructure projects.
She said, “What the government is doing is to provide enabling infrastructure that would bring potential into reality.
“Last year we released N1.3tn of capital and so far this year we have released N450bn and this week we will release another N750bn and this will take the release to N1.2tn by the end of the year.”