N336 billion released for capital projects in first quarter

The Federal Government has said it has released a total sum of N336 billion for the implementation of capital projects contained in the 2017 budget.

The Minister of Finance, Mrs. Kemi Adeosun, who confirmed the release in a statement issued on Tuesday, said the amount was for the first quarter of this year.

The 2017 budget was presented to the National Assembly on December 14, 2016, and passed by the lawmakers on May 11, 2017. The fiscal document, which was signed into law then by Acting President Yemi Osinbajo on June 12, 2017, had a total expenditure of N7.44 trillion out of which N2.99 trillion was for non-debt recurrent spending, N2.36 trillion for capital expenditure.

While debt servicing was to gulp N1.66 trillion. Adeosun said while the ministry had earlier announced that N350 billion would be released, the sum of N336 billion had been made available to the Ministries, Departments and Agencies of government.

Photo Caption: Minister of Finance, Mrs. Kemi Adeosun