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Home Business News Politics

Buhari to release N600 billion for capital expenditure in 3 months

Abiola OdutolabyAbiola Odutola
3 years ago
in Politics
Buhari to commission phase 1 of brand new refinery this week, Petroleum Industry Bill, revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive , Nigeria recoups N594.09 billion from whistleblowing policy in less than 3 years , Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Finance Bill to use banks as agents to tax Nigerians , FG battles 6 oil firms for failure to remit N20 trillion , President Buhari receives 2020 budget, fear of padding to delay assent , Nigeria’s Budget Spending Under Buhari Still Under 2013 Levels 
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President Muhammadu Buhari has disclosed that his administration would release the sum of N600 billion for Capital Expenditure between October and December 2019.

The President, who revealed this during his 59th Independence Day speech earlier on Tuesday at the State House, Abuja, explained that the fund was to increase investments in the nation’s critical infrastructure significantly.

[READ MORE: Nigeria At 59: Donald Trump writes President Buhari]

He said, “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.

“To maximise impact, we shall continue to increasingly welcome and encourage private capital for infrastructural development through Public-Private Partnerships.

“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.”

According to the President, the Federal Government had so far released N1.74 trillion for the execution of various capital projects in the 2018 fiscal year.

On diversification of the economy, the President explained that the push would persist in the next one year.

“We will still remain focused on optimizing the revenues generated from the oil and gas sector.

“We will be working with the Legislature, soon to 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.

“We will also continue our fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across our borders, including the diligent prosecution and conviction of offenders found guilty of these acts. Whilst Nigeria remains committed to free and fair continental and international trade, we will not hesitate to take all necessary steps to tackle illegal smuggling, transhipment and other predatory trade practices that destroy jobs in our country.”

[READ ALSO: Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari]

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.

 

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Tags: 2019 Capital Budgetcapital expenditurePresident Muhammadu Buhari

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