Nigeria to pump N600 billion to the economy for capital projects
London, Oct. 1, 2019 (AltAfrica)-Nigerian government is to release N600 billion naira to the economy in the next three months to continues its modernization and acceleration of critical priority projects across the country
Nigerian President, Muhammadu Buhari who made the announcement during his traditional nationwide independence broadcast to mark Nigeria’s 59th anniversary said his administration would continue to increasingly welcome and encourage private capitals for infrastructural development through Public Private Partnerships
“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. The Ministry of Finance, Budget and National Planning has been directed to release N600 billion for Capital Expenditure in the next three months.
“To maximise impact, we shall continue to increasingly welcome and encourage private capital for infrastructural development through Public Private Partnerships. Through the Road Infrastructure Tax Credit Scheme, which I initiated in January this year, we are giving incentives to private sector inflow of over N205 billion in 19 Nigerian roads and bridges of 794.4km across in 11 States of the Federation.
Highlighting some of the economic achievements of his administration, the president said: “We are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the budget in June 2018. However, as at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year.”
The president reiterated his administration’s resolve to do more to help the vulnerables in the country. “Our ongoing N500bn Special Intervention Programme continues to target vulnerable groups, through the home-grown School Feeding Programme, Government Economic Empowerment Programme, N-Power, Job Creation Programme, loans for traders and artisans, Conditional Cash Transfers to the poorest families and social housing scheme.
“To institutionalise these impactful programmes, we created the Ministry for Humanitarian Affairs, Disaster Management and Social Development which shall consolidate and build on our achievements to date. To the beneficiaries of these programmes, I want to reassure you that our commitment to social inclusion will only increase.”
He also said the newly set up Economic Advisory Council would advise him on inclusive and sustainable macroeconomic, fiscal and monetary policies.
President Muhammadu Buhari whose broadcast focused mainly on achievements of his administration in the last four years, expressed optimism in Nigeria’s ability to overcome its challenges, even as he urged the citizens to remain united.
“Let me reiterate my call for unity across our dear nation. Nigeria will emerge from our present challenges stronger and more resilient than ever – but only if all of us join hands to entrench good governance, foster inclusive economic development, and defend and protect our nation from all those who would wish us ill,” he said.
According to Buhari, the anniversary is a time for Nigerians to collectively remember the sacrifices made by the nation’s founders, soldiers, public servants and others and “rededicate ourselves to attaining the goals which we have set for ourselves: a united, prosperous and purposeful nation in the face of 21st century opportunities and challenges.”