Nigerian Government releases N400bn first tranche of 2013 capital budget

Finance Minister, Ngozi Okonjo-Iweala
Finance Minister, Ngozi Okonjo-Iweala

N120 billion has already been spent on two initiatives including outstanding entitlement of staff of PHCN.

The Ministry of Finance has released N400 billion as the first disbursement for the capital budget.

A statement by the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Paul Nwabuikwu, said that this is “to give fresh impetus to the execution of projects captured in Budget 2013.”

The statement disclosed that of the said amount, N120 billion has been frontloaded to cater for two important initiatives which include N75 billion for retiring bonds which have come due.

Mr. Nwabuikwu said, “This is in line with the new debt management strategy which focuses on reducing the stock and flow of debts in a proactive manner.”

The second is the N45 billion approved for the payment of PHCN workers. This follows the announcement, last month, by the Federal Government of the payment of N384billion for all outstanding entitlements of staff of the Power Holding Company of Nigeria (PHCN).

The Minister of Labour, Emeka Wogu, who briefed the press on the matter said, “I want to inform you that the agreed benefits accruing to the staff of PHCN in the last negotiation between government and the Labour Unions has been approved by the President Goodluck Jonathan”.

The N4.99 trillion budget, which was signed in February, had earlier been prepared and submitted to the National Assembly in October 2012.

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