President Muhammadu Buhari has directed the Ministry of Finance, Budget and National Planning to release six hundred billion naira for Capital Expenditure in the next three months.
The President, who gave the directive today in his nationwide broadcast to mark Nigeria’s 59th Independence Anniversary in Abuja, said the directive was informed by his administration’s desire to significantly increase investments in the nation’s critical infrastructure.
According to Buhari, 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 noted that the Federal Government had so far released one point seven trillion naira for execution of various capital projects in 2018 fiscal year.
The President explained that the exchange rate in the last three years had remained stable, with robust reserves of forty two point five billion dollars, up from twenty three billion dollars in October 2016.
