2020 Revised Budget: FG Releases N995.7bn For Capital Projects

Minister of Finance, Zainab Ahmed.

The Federal Government said it has released N995.665 billion for capital expenditure, in the implementation of the 2020 revised budget.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while presenting a cheque of the N162.67bn realized from the 2020 Sukuk issuance, in Abuja on Monday.

She said the government appropriated the sum of N1.35 trillion for capital expenditure under the revised 2020 budget.

 “Mr. President directed the release of 50 per cent of this amount during the signing of the revised budget before the end of July 2020.  The total capital releases to date is N995.67bn, including Sukuk.”

The Minister also explained that with the release of the N162.6bn to the Federal Ministry of Works and Housing, the amount appropriated for roads projects financed by Sukuk in 2020 budget has been fully released.

The Minister further said that the government has been “greatly encouraged by the tremendous success recorded with regards to improvements in road infrastructure across the six geopolitical zones with the intervention of this special funding” adding that comments and feedback received from commuters, transporters, other businesses, investors and other well-meaning Nigerians have been heart-warming.

The Director-General (DG) of the Debt Management Office (DMO), Ms. Patience Oniha said the federal government raised N362.58bn after issuing  the third Sovereign Sukuk Bond, with the funds meant for road projects.

“The Third Sovereign Sukuk for which a total subscription of N669.12bn was received for the N150bn that was offered, represents a subscription level of 446.08 percent. It is indicative of good market awareness and acceptance of Sukuk as a financial product, both which are project-tied, to support the development of infrastructure and other capital projects.”

Receiving the symbolic cheque, the Minister of Works and Housing, Babatunde Fashola said assured of committing the N162.56bn funds to judicious use in the 44 roads projects.

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