200bn Naira was Released by FG for Third Quarter Capital Projects

The Federal Government said it had released the sum of N200bn to its Ministries, Departments and Agencies for the implementation of third quarter capital projects contained in the 2014 budget. This was made known on Thursday (Sept 18, 2014).

This was reported by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu.

The N200bn which was released by the ministry brings the total amount allocated to the MDAs for capital projects to N600bn since the beginning of the year.

The statement stated that the released fund would help certify the execution of capital projects across the country.

It stated, “The Federal Ministry of Finance has released the sum of N200bn as capital for the third quarter of 2014.’’

“The funds will help ensure further progress in the execution of capital projects across the country.”

The Senate on April 9 had passed the budget, raising the amount in the fiscal document from the N4.642tn submitted by President Goodluck Jonathan to the National Assembly on December 19, 2013 to N4.695tn.

Highlights of the budget, passed by the upper chamber and signed by Jonathan are statutory transfers, N408.68bn; debt servicing, N712bn; capital expenditure, N1.119tn; recurrent expenditure, N2.454tn; and aggregate expenditure, N4.695tn.