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Juliana Taiwo-Obalonye, Abuja
The Federal Government yesterday disclosed that it has released the sum of N285 billion for some selected critical infrastructural projects under the 2020 budget. It also said it has released the sum of $220 million (about N67.1 billion) as its counterpart funding for railway projects.
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made this disclosure this to State House Correspondents, said the releases were made under transportation, Niger Delta, Works and Housing ministries.
Ahmed said this after the presidential committee to review the impact of coronavirus on the economy, submitted its interim report to the President Muhammadu Buhari at the presidential villa, Abuja yesterday. She disclosed that the president has directed the committee to do more consultations and report back next week.
Answering question on how much has so far been released for capital projects on the 2020 budget, Ahmed said: “As at Tuesday, this week, we have released N285 billion to a number of agencies, we prioritise the releases to the critical infrastructure agencies. But we have also made the releases for Education as well as Health. So the Ministry of Transport, the Ministry of Works and Housing, Niger Delta, a number of ministries and agencies that have important infrastructure projects have got their funds.
“Also this week, we have been able to release to the Ministry of Transport the counterpart funding provided for in our budget that is required for the important railway projects that are currently ongoing, the finances from the China EXIM Bank. So they are the funds that have been released this week. So, in addition to the N285 billion, there is up to about $220 million that has been released this week for counterpart funding for railway projects.”
