FG to release N100bn for capital projects

Vice President Professor Yemi Osinbajo

The Federal Government has disclosed plans to release N100bn for capital projects in a few days time, having earlier released N322bn for the same purpose.

Vice President Yemi Osinbajo disclosed this in Lagos during the Presidential Policy Dialogue session organised by the Lagos Chamber of Commerce and Industry.

He said, “We have also pledged to keep capital budget spending to a minimum of 30 per cent. We have already made capital releases of N332bn which is more than the entire amount released last year, with another N100bn set to be released in the next few days. “The funds are for power, works, housing, transportation, defence and agriculture”

Osinbajo said the government had been able to save close to N1.4tn in fuel subsidy payment since May when it deregulated the downstream petroleum sector and pegged the pump price of petrol at N145 per litre.

He stated that, “These challenges are significant, but the opportunities to get it right are even more significant. For us, the focus is steadfastness and consistency to achieve economic growth. The government is committed to engaging the private sector in line with what is considered best practices”.

He said the nation Gross Domestic Product (GDP) declined from 6.3 per cent in 2014 to 2.15 per cent in 2015, saying that as at first quarter in 2016, GDP stood at -0.36 per cent.

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