Naomi Gabriel —
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, yesterday in Abuja, at the symbolic presentation of Sukuk cheques to the beneficiary Ministries, revealed that as at November 2021, N3.4 trillion was spent on capital expenditure, covering over 74 per cent performance when compared to the total capital budget of N4.569 trillion.
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She also explained that the latest N250 billion Sukuk will be released as part of the capital expenditure in the 2021 Appropriation Act, which has been extended by the National Assembly to March 31, 2022.
“Out of the N3.4 trillion so far released, N2.98 trillion represents 83 per cent of the provision for MDAs’ capital, N369.9 billion for multi-lateral/bilateral project-tied loans and N49.52 billion as Government Owned Enterprises (GOEs) capital expenditure”, she stated.
“So far, we have committed, through the Federal Ministry of Works and Housing (FMWH), a total of N362.557 billion from 2017 to date to the funding of key road projects through Sukuk.
“Today, we have the Federal Capital Territory Administration (FCTA) and Ministry of Niger Delta Affairs (MNDA) joining us.
“The government will continue to prioritise spending on critical infrastructure in order to sustain the momentum on GDP growth. As you may be aware, the GDP is projected to grow by 4.20 per cent in 2022. This can only be possible through steady increase in spending on critical infrastructure, such as roads”.