FG Releases N200bn For Third Quarter Capital Projects

FG Releases N200bn For Third Quarter Capital Projects
Nigerian Minister of Finance: Ngozi Okonjo Iweala

The Federal Government, last week, 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 disclosed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu.

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

The two-paragraph statement stated that the released fund would help ensure 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 had on April 9 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 as passed by the upper chamber and signed by Jonathan are statutory transfers, N408.68bn; debt servicing, N712bn; recurrent expenditure, N2.454tn; capital expenditure, N1.119tn; and aggregate expenditure, N4.695tn.

Meanwhile, the government of Poland is seeking the support of the Federal Government in addressing the issue of multiple taxation. The Polish government said this would help to attract Polish investors to Nigeria.

The Polish Deputy Minister for the Economy, Mr. Andrecj Dycha, stated this last week during a meeting with the Minister of State for Finance, Ambassador Bashir Yuguda.

He said, “Nigeria is our number one country in Africa in our strategy in investment cooperation. That is why we are here to push our bilateral cooperation and to seek an agreement of avoidance of multiple taxation.

“We strongly recognise the economic potential of Nigeria as the fastest growing economy in Africa and we are ready to share our own development experience with the country to enable her realise her full potential.”

Responding, Yuguda said the Federal Government had developed investor friendly policies, including tax concessions to attract investors into the country.

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