Business
2020 Budget: FG Releases N285bn For Capital Projects
The Federal Government on Friday released N285 billion to fund some infrastructural projects under the 2020 budget.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said this on Friday to the State House correspondents. She said the releases were made under transportation, Niger Delta, Works, and Housing ministries.
Ahmed made this known after the presidential committee to review the impact of coronavirus on the economy, submitted an interim report to President Muhammadu Buhari at the Presidential Villa, Abuja on Friday.
The committee also said another $220 million had also been released as counterpart funding to finance railway projects across the country.
“As at Tuesday this week, we have released N285 billion to a number of agencies. We prioritise the releases to the critical infrastructure agencies. But we have also made the releases for education as well as health. So, the Ministry of Transport, the Ministry of Works and Housing, Niger Delta, a number of ministries and agencies that have important infrastructure projects have got their funds.
“Also this week, we have been able to release to the Ministry of Transport the counterpart funding provided for in our budget that is required for the important railway projects that are currently ongoing – finances from the China EXIM Bank. So, they are the funds that have been released this week.
“So, in addition to the N285 billion, there is about $220 million that has been released this week for counterpart funding for railway projects,” Ahmed said.
She disclosed that the president had directed the committee to do more consultations and report to him next week.
“This committee that has been set up by the president to review the impact of COVID-19, as well as the crash of crude oil price, had gone just now and had a short meeting with the president in which we filed an interim report and the president has directed that we should consult and come back to him with an update next week.
“What we have been mandated to do is to ensure that the business of government continues to run as much as possible normally; that government agencies are funded but there must be continuous investments in critical infrastructure that would ensure continuous growth and also concentrate on programmes and projects that will enhance employment of our people.
“We are looking at ways and means in which the revenue of government will be stabilized and that we are able to fund the states through the FAAC process at a level that is averagely expected and planned for both from the federal as well as the national budget.
“So, as we finish our consultations next week, we will be expecting some approvals and then we will be meeting with you to inform you of the specific approvals that we have been able to obtain from His Excellency the President,” she said.
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