Capital releases to Federal Ministries, Departments and Agencies for the 2016 budget, have reached a record N1 trillion, the highest ever in Nigeria’s annual funding for capital projects.
Disclosing the figure in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her office, Minister of Finance, Kemi Adeosun, explained that the amount was released for various projects, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads, expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.
In its efforts at providing more resources for capital projects, the cabinet at its weekly meeting last Wednesday, approved N80 billion for infrastructure projects across the country.
The House of Representatives also approved a $500 million Euro Bond as part of the 2016 borrowing plan last week.
Disclosing the figure in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her office, Minister of Finance, Kemi Adeosun, explained that the amount was released for various projects, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads, expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.
In its efforts at providing more resources for capital projects, the cabinet at its weekly meeting last Wednesday, approved N80 billion for infrastructure projects across the country.
The House of Representatives also approved a $500 million Euro Bond as part of the 2016 borrowing plan last week.
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