The federal government yesterday released the sum of N250 billion for capital projects for the third quarter of the year 2013, bringing to N850 billion the amount so far released for the implementation of capital projects in the 2013 Budget.
The funds, which were released by the Ministry of Finance, would be deployed to expedite the execution of key infrastructure, security and social projects captured in budget 2013 in line with the priorities set out by President Goodluck Jonathan, the Minister of Finance, Dr Ngozi Okonjo-Iweala, said in a statement signed by Paul Nwabuikwu.
She also said that all the funds released have been cash-backed, which means it is available for ministries, departments and agencies to use immediately. According to her, the implementation of various capital projects across the country is ongoing and currently utilisation of the released funds for capital projects for this year stands at 71 per cent.
Recall that N200 billion was released for capital budget for the second quarter of 2013 out of which a total of N72.7 billion was paid to the Federal Ministry of Power to cover various items in line with the implementation of the Power Roadmap. The amount paid to the ministry of power includes the sum of N45 billion paid to PHCN workers as part of the power privatisation programme, as well as the N5 billion paid for the Multi Year Tariff Order (MYTO).
Also, N400 billion was released as capital expenditure for first quarter 2013 other beneficiaries of the N72.7 billion released the power sector include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE (NELMCO) and Bulk Trader.