More details of how the last administration frustrated infrastructure development in the country have continued to emerge.
Only weekend, the Minister of Finance, Mrs. Kemi Adeosun made a shocking revelation in Lagos, saying “In the past few years, 90 per cent of all what we were spending on was on recurrent leaving just 10 per cent 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.”
But in a sharp comparison with the present administration, Adeosun said the Federal Government in the last five months mobilized not less than N750 billion for infrastructure development.
She spoke Saturday at the 2016 Wealth Creation Platform organized by KICC International.
He further narrated 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.
Adeosun argued that Nigerian economy cannot grow if the right infrastructure is not in place. While querying why infrastructure is important, she answered that “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,” Adeosun said.
