Infocraftdiary with Agency Reports
President Muhammadu Buhari has approved the release of N600 billion, to be spent as Capital Expenditure for the remaining three months of the year.
As reported by Naija News.com, the President, in his 59th Independence Anniversary speech to Nigerians on Tuesday morning, directed the Minister of Finance and National Planning, Mrs. Zainab Ahmed, to release the funds.
“In this regard, we are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the Budget in June 2018. However, as at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year,’’ he said.
The president noted that the exchange rate in the last three years had remained stable, with robust reserves of 42.5 billion dollars, up from 23 billion dollars in Oct. 2016.” The President maintained in the report.
According to the report, “to maximize impact, the Federal Government would continue to increasingly welcome and encourage private capital for infrastructure development through Public-Private Patnership.”
it says “the implementation of the 2019 Capital Budget, which was only approved in June 2019, will be accelerated to ensure that critical priority projects, are completed or substantially addressed.