Money released for capital projects to federal ministries, departments and agencies, MDAs, from the 2016 budget, have surpassed a record N1 trillion, the Minister of Finance, Kemi Adeosun, has disclosed.

Mrs. Adeosun described the achievement as the highest ever budgetary release in Nigeria’s annual funding for capital projects.
“So far, N1trillion has been released on capital allocations. This is the highest so far in the history of this country,” the minister said.
“With the current stability in (crude) oil prices and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” she said.
The Minister disclosed the figures in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her office in Abuja.
She said the amount was released for various projects proposed in the 2016 budget, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano, rehabilitation of roads, expanding irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.

Details of the releases, the minister explained, include aggregate releases to the MDAs of N870.1billion as at the end of February 2017 and additional releases of N65.4 billion.
Other releases included manual authority to incur expenditure (AIEs) in February 2017 (N11.18 billion) and an additional manual AIEs worth N45.8billion as at March 13, 2017.

Mrs. Adeosun noted that the overall capital releases totalling N992.4 billion had significantly impacted the country’s economy, by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the wellbeing of Nigerians.
She said contractors returning to project sites around the country have employed workers, contributed to economic growth and improved the wellbeing of Nigerians in line with the strategic objectives of the present administration.

“We are determined to transform the economy. This is why we are focused on capital expenditure. If we have our rails, road and power, then we will be able to generate jobs and prosperity,” she said.
The release of the capital vote in the budget is in line with government’s drive to devote more resources for the execution of capital projects, especially the upgrade of the country’s infrastructure to provide the enabling environment for investment in the economy.

The Executive Council of the Federation in its meeting on March 22, 2017 had approved the reconstruction of 12 more major highways across the country for N80 billion as part of efforts to boost transportation in the country.


http://www.premiumtimesng.com/news/top-news/227163-buhari-administration-sets-new-record-releases-n1-trillion-2016-capital-projects-official.html

I pray they use it well

Story for sangooo & Amadioha!

akuko

where are d projects?

Where are the projects located?

Good job.
Unlike the inept world bank dunce who couldn't manage a boom .
Now follow this up by reducing the number of inept civil servants .
The power sector needs more money .
Why do Nigerian leaders not take the power sector seriously . Power is the lifeblood of any economy .

Just one trillion from over six trillion budget? What %tage of the total budget is that you're celebrating? I think some media houses are the problem of this country

Wrong head line.

Buhari releases Nigerian money to criminals for further looting.

id911:
Just one trillion from over six trillion budget? What %tage of the total budget is that you're celebrating? I think some media houses are the problem of this country

That is 16% of the budget out of a targeted 30%
Under Jonathan, it was 0% despite the fact that oil was trading at over $100 / barrel throughout.This is progress.
Unless you are blind , no one can deny the roads ,bridges and other projects that are currently under construction.
Fashola just completed a cross country trip, every state has something big under construction.

Again the Kindergarten minister has failed to take into cognizance the lower buying power of the current naira meaning her 1 trillion naira actually equivalent to 600 billion naira of 3 years ago ..This is case of trying to label a diluted bottle of coke as the real deal .

And yet, more than half of the street lights in the capital city of Abuja are not working. Are these fools even serious?

SalamRushdie:
Again the Kindergarten minister has failed to take into cognizance the lower buying power of the current naira meaning her 1 trillion naira actually equivalent to 600 billion naira of 3 years ago ..This is case of trying to label a diluted bottle of coke as the real deal .

The Naira in your pocket is the same naira in your pocket. For your daily needs , fellow Nigeria are the ones punishing you by increasing prices arbitrarily.
Fuel prices goes up by 5% , bus driver increase their fares by 200%

___Singing Peterside Ottong

Where are the projects? We cannot see the projects!

Where are the projects?

oduastates:


The Naira in your pocket is the same naira in your pocket. For your daily needs , fellow Nigeria are the ones punishing you by increasing prices arbitrarily.
Fuel prices goes up by 5% , bus driver increase their fares by 200%

So you're saying the value of the naira today is the same as it were 3 years ago?

Saao:
where are d projects?

everywhere you goi, from lagos-ibadan expressway to ekiti-ondo. From second niger bridge to aba-port-harcourty road. From benin-auchi-abuja road to kaduna-maiduguri-sokoto

SalamRushdie:
Again the Kindergarten minister has failed to take into cognizance the lower buying power of the current naira meaning her 1 trillion naira actually equivalent to 600 billion naira of 3 years ago ..This is case of trying to label a diluted bottle of coke as the real deal .

And you the higher education Nigerian forgets that there is a special exchange rate for manufacturing industries, construction and agriculture.

SQLmastar:
Story for sangooo & Amadioha!

how wil you believe, when the only thing you are born to believe is "lie" to believe only lies

[sup][/sup]

rottennaija:


And you the higher education Nigerian forgets that there is a special exchange rate for manufacturing industries, construction and agriculture.

Dont believe everything you read bro

[quote author=hedonistic post=54969599]And yet, more than half of the street lights in the capital city of Abuja are not working. Are these fools even serious?[/quote
See this one? Ask your ineffectual buffoon to return the moiney he bugdeted for the street light over the years.

Indeed the highest, 1 trillion yet no single charge .the Holocaust

God sent





Unquestionable

Paper projects.
Buhari has not completed a single project in 2 years.
Worst government ever.

Jesusloveyou:
everywhere you goi, from lagos-ibadan expressway to ekiti-ondo. From second niger bridge to aba-port-harcourty road. From benin-auchi-abuja road to kaduna-maiduguri-sokoto

haha these projects are not new projects. third Niger bridge won't be finance by fg atleast that I know. also Lagos Ibadan expressway. these are old projects right from gej era. don't allow them deceive u. high level of corruption is going on in this govt. just buhari and osinbanjo alone are clean in this govt.

I doubt if this government will be able to account for this allocation when disbursed based on the anticedence of SGF who is yet to be sacked or tender hos resignation! !

While this is commendable,I wud av preferred the valuation was given in dollar terms.This wud give us a better picture of if this is as remarkable as it seems.

What's the value of the useless 1 trillion? Media government

oduastates:
Good job.
Unlike the inept world bank dunce who couldn't manage a boom .
Now follow this up by reducing the number of inept civil servants .
The power sector needs more money .
Why do Nigerian leaders not take the power sector seriously . Power is the lifeblood of any economy .

Do you believe everything you read with your prejudiced brain? If there's any fathom capital project as speculated, where are there? Btw, what's the value of the Naira now? Government of the Media

mccoy47:
Where are the projects located?

Nigerians are finally getting wiser!This are the questions we need answered.

Ofcourse we can see evidences of ungoing construction activities across d country from roads to railways to aviation name it ,but because of ds recession dat is y Nigerians are not feeling d impacts of d various governmental activities across d country but if d useless national assembly can quicly pass some of d very critical and very important bills b4. them such as d budget of recovery and growth, d pigb ,d whistle blowing protection bill ,i believe we will b abl to quickly come out of ds recession and begin to feel d impact of government around us

Until this monies is put into good use only then will I believe that its not a dream. Whistle blowers get ready