The Nigerian president, Muhammadu Buhari has directed the ministry of finance, budget and national planning to release N600 billion for capital expenditure in the next three months.
Buhari gave the directive in his nationwide broadcast in Abuja to mark Nigeria’s 59th Independence Anniversary on Tuesday, October 1, News Agency of Nigeria (NAN) reports.
President Buhari stated that the directive was informed by his administration’s desire to significantly increase investments in the nation’s critical infrastructure.
According to him, the implementation of the 2019 capital budget, which was only approved in June 2019, will be accelerated to ensure that critical priority projects are completed or substantially addressed.
He revealed that the federal government had so far released N1.74 trillion for execution of various capital projects in the 2018 fiscal year.
The president said: “In this regard, we are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the budget in June 2018.
“However, as at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year.”
The president noted that the exchange rate in the last three years had remained stable, with robust reserves of 42.5 billion dollars, up from 23 billion dollars in October 2016.
He added that, to maximise impact, the federal government would continue to increasingly welcome and encourage private capital for infrastructure development through public private partnerships.
Buhari said: “Through the Road Infrastructure Tax Credit Scheme, which I initiated in January this year, we are giving incentives to private sector inflow of over N205 billion in 19 Nigerian roads and bridges of 794.4km across in 11 states of the federation.
“As we push to diversify the economy, we still remain focused on optimising the revenues generated from the oil and gas sector.
“We will, working with the legislature, soon pass the Petroleum Industry Bill and amendments to the Deep Offshore Act and Inland Basin Production Sharing Contracts Act into law, to ensure government obtains a fair share of oil revenues, whilst encouraging private sector investment.”
Buhari maintained that his administration would also continue the fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across the borders.