As part of measure to reposition Nigeria’s economy, the Federal Government in the last five months mobilized not less than N750 Billion for infrastructure development.
Speaking in Lagos on Saturday at the 2016 Wealth Creation Platform organized by KICC International, the Minister of Finance, Mrs Kemi Adeosun explained that the Federal Government was concerned about the growing infrastructural deficit in the country, adding that President Muhammadu Buhari-led administration has made infrastructure finance one of its major priorities.
Explaining further, the Minister said: “In the past few years, 90% of all what we were spending on was on recurrent leaving just 10% for capital projects. For instance, when we came on board, we discovered that the federal government spent N19billion on infrastructure in 2013 while it spent a total of N64b on travels, N51billion on welfare like rice, biscuits, coffee, and tea. If you spend for the wrong things you are going to get the wrong results.”
The Minister added: “Can’t grow if you don’t have the right infrastructure. Why is infrastructure important? It is important because it helps to unlock the economy and productivity of the nation. This is why the federal government released over N750 billion in the last five months to boost infrastructure. The country requires at least N25billion yearly to cater for our infrastructure and that is why we’re prioritising infrastructure and also urging the state governments to align with us so that we can all move in progress together.”