Business & Finance

FG Releases N1.2trn for 2016 Capital Projects

Kemi Adeosun, Finance Minister, Minister of Finance, Adeosun Addressing the Senate

The Federal Ministry of Finance said yesterday it released over N1.2 trillion for capital expenditure in the 2016 fiscal year.
Details of the N1.2 trillion capital releases, the ministry said, are “in line with government’s increased focus on capital expenditure”.

Power, Works and Housing received the largest allocation of N307,411,749,682, followed by Defence and Security, N171,900,597,013 and Transport and Aviation, N143,121,925,241.

Other sectors are Agriculture and Water Resources; and Education and Health.

These sectors accounted for 62 per cent of the cash released.

Minister of Finance, Kemi Adeosun said: “We have focused our capital spend on priority sectors to stimulate economic activities and job creation. Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, which is a reflection of our commitment to infrastructure development.”

These capital releases exclude the capital element in releases to statutory agencies, such as the Independent National Electoral Commission (INEC) and the Judiciary.”

The government, the minister said: “Intends to attract private capital to complement government spending in these key areas”.

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