Nigeria Moves Toward Accelerated Capital Project, Releases N350bn For Capex

Nigeria government has released a total of N350 billion part of budgetary allocations to fast track infrastructural development in the West African country, its finance minister said.
The released of capital expenditure would bring relief to some local contractors who have been threatening to withdraw their services over unpaid debt by the government in recent time.
Kemi Adeosun said funds were released to the various agencies of government for the execution of vital ongoing projects meant to accelerate development in the Organisation for Petroleum Exporting Country (OPEC) member country.
Nigeria, Africa’s biggest economy budgeted about N2.36 trillion for capital projects in its 2017 budget, which was passed by its parliament late into the fiscal year.
Most of the contractors working on roads and power projects have complained against the late release of funds which hampered quick completion of some of the project designed to improve the standard of living in the country.
Source: Reuters

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