Business

FG releases N1.2trn for 2017 capital expenditure

The Federal Government on Monday said it released N1.2 trillion to ministries, departments and agencies (MDAs) of government for implementation of capital projects contained in the 2017 budget.

Kemi Adeosun, Minister of Finance, gave the figure during a meeting with a delegation of investors from France in Abuja.

Adeosun said N750 billion was released recently in addition to N450 billion earlier released in the year.

She said the President Muhammadu Buhari’s administration remains determined to diversify the nation’s economy by opening up the non-oil sector.

The minister noted that the robust capital releases were evidence of the government’s plan to take the country to the next level.

“We are chatting a new path and it’s the path to recovery. It’s a new path of the Nigerian economy that we’re trying to build. It’s not dependent on oil.

“We’ve seen opportunities opened up. 75 percent of our economy is agriculture. “We’re working on a range of reforms. Our currency is fairly priced and stable. We are mobilising revenue from taxes.

“We now have a data that is able to correctly access tax payers.

“We see growth in the banking, service, manufacturing and opportunities in the power sector”, she said.

Continuing, she noted, “Without infrastructure, it’s difficult for any business to compete in the country.

“We’ve released N750 billion capital vote, bringing the total of capital released to N1.2 trillion. Earlier, the sum of N450 billion had been released.

“The battle against corruption is continuing. Investors willing to invest in the country won’t come if we don’t address the issue of corruption and the government is squarely addressing corruption”.

Speaking on behalf of the French delegation, Philip Labonn said the group was happy to come into the country to see areas of collaboration.

Before the meeting with Adeosun, the delegation had earlier met with Yewande Sadiku, the Executive Secretary, Nigerian Investment Promotion Commission.

Sadiku had told them that Nigeria remained a top destination of capital inflows in the African continent.

She said, “Nigeria is strategically located in Africa to serve the needs of many countries as regional hub to the continent.

“We have a compelling population that provides the market which means that Nigeria can serve as manufacturing hub for investors.”

She expressed delight over the interest of the investors in Nigeria, noting that

France was one of the many countries that Nigeria was targeting in its investment strategy.

On investment inflows, Sadiku said France appeared as number 10 on the chart and represented about N1 billion of the capital inflows into Nigeria.

 

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