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Kemi Adeosun

FG to release fresh N750bn for 2017capital projects

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Chances that the economy will reverberate and hive sigh of relief this week are high as the Federal Government on Monday said it will further release second tranche of fund of about N750bn to Ministries, Departments and Agencies (MDAs) for continuation of abandoned and yet to take off projects.

This release will form the second after the first and only N450bn injected earlier in the year.

Analysts’ and even lawmakers had expressed fears of poor performance of 2017 budget due to non release of funds for capital projects contained in the 2017 Appropriation Act.

Minister of Finance, Mrs. Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France in Abuja.

She recalled that federal government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total sum of N1.2tn would have been invested in infrastructure projects.

Currently, finance and budget experts say percentage implementation of 2017 budget is yet to hit 50 per cent considering the inability of the government to release up to half of the national budget due to paucity of fund.

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