2017 Budget: FG Releases Another N750bn Capital Vote This Week

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The federal government will this week release another N750 billion capital vote from the 2017 budget to ministries, department and agencies (MDAs) for execution of capital projects in the country.

Minister of Finance, Mrs. Kemi Adeosun, who disclosed this yesterday said the sum of N450 had been released for capital expenditures within the last five months of passage of the budget.

“Last year, we released about N1.3 trillion of capital. So far this year, we have released N450 billion. But this week we will release another N750 billion. That will take us again to about N1.2 trillion by the end of the year”, the minister said while addressing a business delegation from France in her office in Abuja.

Adeosun told the delegation led by Philip Labonne that, while Nigeria is on the part to recovery, “it’s a new type of economy we are trying to build”.

Earlier, Mr. Labonne who congratulated the federal government for the recovery plan it is carrying out inquired of the minister on the nation’s economic strength, areas of growth, and stability of the naira.

Responding to his request, Adeosun said, “ We see growth in a number of sectors. We see growth in health, simply due to the sheer size of our population. We see growth in services, banking. We see opportunities in manufacturing and in power. In fact, there is fully no sector of the Nigerian economy that doesn’t have growth”.

She told the delegation that the federal government is trying to provide the enabling infrastructure to turn the potentials of opportunities in the country into reality.

“Based on macro fundamentals, the naira is fairly priced and we think there will be stability in the naira pricing, which of course allows you to plan”, the finance minister told the delegation from the various sectors.

Labonne also expressed delight over the stability of the naira, which he said brings more expectations and benefits around business table.

The investors have portfolios from various sectors, including oil and gas, energy, logistics, health, banks, services and Agriculture. Apart from the federal government, the business delegation is also billed to meet with different private sector operators in Lagos.






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