Nigeria’s President Muhammadu Buhari Tuesday said he has ordered the release of N600 billion for capital expenditure in the next 3 months
“The Ministry of Finance, Budget and National Planning has been directed to release N600 billion for Capital Expenditure in the next 3 months,” Buhari said in his Independence Day broadcast.
Buhari had budgeted N2 trillion for capital expenditure in the 2019 budget with economists saying the allocated sum was low and a sign of pressure on the economy.
The president said he had previously ordered the release of N1.74 trillion for capital expenditure as at June 20, 2019. The N1.74 trillion was encapsulated in the 2018 budget.
He said the implementation of the 2019 capital budget, which was only approved in June 2019, “will be accelerated to ensure that critical priority projects are completed or substantially addressed.”
Nigeria’s budgets under Buhari have been largest ever. But economists say implementation has been poor and failed to provide the type of capital expenditure needed to improve infrastructure.
However, the administration has pledged commitment to complete ongoing and abandoned projects that will impact positively on the lives of the people.
In August, the Minister of Works and Housing, Babatunde Fashola, said the Nigerian government approved N8.2billion for the completion and construction of roads across the country.
Also in September, the Federal Executive Council (FEC) approved the award of N166 billion contracts for the construction and rehabilitation of 14 roads nationwide “to improve Nigeria’s transportation infrastructure and restore its road network as a means to create employment and boost the economy.”