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HomeTop NewsNigeria releases 74% of capital votes in 11-month of 2021 ~Finance Minister

Nigeria releases 74% of capital votes in 11-month of 2021 ~Finance Minister

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Nigeria’s Minister of Finance and Budget, Zainab Ahmed on Thursday said the federal government released N3.4 trillion for capital project in 2021, representing 74 percent of the capital votes for last year.

Ahmed said as of November 2021, N3.4 trillion had been expended on capital projects, which represents over 74 per cent performance when compared to the total capital budget of N4.569 trillion.

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According to her, out of the released N3.4 trillion, N2.98 trillion represents 83 percent of the provision for ministries, departments and agencies’ (MDAs’) capital, N369.9 billion for Multi-lateral/Bilateral Project-tied loans, and N49.52 billion as Government Owned Enterprises (GOEs) capital expenditure.

The minister assured Nigerians that the government would continue to prioritise spending on critical infrastructure in order to sustain the momentum on gross domestic product (GDP).

He said that the 4.2 percent projected growth in 2022 can only be possible through steady increase in spending on critical infrastructure, such as roads.

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