Budget: FG to release N350bn for capital projects in 1st tranche

Follow us on Social Media

Social sharing

…Transport, Power, others accorded priority

From Uche Usim, Abuja

Finance Minister, Mrs. Kemi Adeosun, yesterday revealed that her Ministry expects to get N350 billion in first tranche release for capital projects from the 2017 budget. 

Mrs. Adeosun disclosed this on Monday at the public presentation of the 2017 budget tagged Budget of Recovery and Growth. 

According to her, capital expenditure was at the epicentre of this year’s budget as the government hopes to spend its way out of recession. 

She listed health, agriculture, transportation, power, among the key sectors of focus in the budget. 

Also speaking during his presentation at the event, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, listed some of the key initiatives of the 2017 budget to include a new social housing programme that will gulp N100 billion; special economic zone projects to be set up in each of the six geo-political zones which will gulp N46 billion; Export Expansion Grant (EEG) in form of tax credits – N16 billion and N15 billion for the re-capitalisation of Bank of Industry (BoI) and the Bank of Agriculture to support Micro, Small and Medium Enterprises (MSMEs).  

“Under health, we have N4.1 billion for procurement of routine vaccines and devices; N4.8 billion for Global Fund and GAVI counterpart funding and N4.8 billion polio eradication initiative. Again, there is N9 billion for joint venture investments in tertiary institutions with Nigeria Sovereign Investment Authority (NSIA) and it is a programme meant to reverse outbound medical tourism. 

READ ALSO  Unknown Gunmen Unleash Mayhem On Ebonyi Community, Many Killed

“For transportation, there is N2.03 billion earmarked for the construction of a new terminal building at Enugu Airport; N2.08 billion for airside rehabilitation of Abuja airport and N2.47 billion for the construction of inland river port and supply of cargo handling equipment at Baro, Niger State,” he revealed. 

On power, he said there is a N9.5 billion rural electrification projects in federal universities; N10 billion for the construction of 3,050mw Mambilla hydropower project and N10.02 billion for the completion of power evacuation facility for 400mw Kashimbila hydropower plant.

In the 2017 budget, N40 billion has been earmarked for the settlement of Ministries, Departments and Agencies (MDAs) electricity bills, while N100 billion was set aside for water supply, rehabilitation of dams and irrigation projects nationwide. 

He also revealed that over 65 roads and bridges are to be constructed and rehabilitated across the six geo-political zones, while N10 billion is for the rehabilitation/reconstruction and expansion of Lagos-Shagamu-Ibadan dual carriageway sections I & II in Lagos and Oyo states.

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.
READ ALSO  I Never Said Prof. Enyi Vowed To Fail Late EBSU Student - Rex Nwome

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About 9News Nigeria 13359 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment