2020 Budget: FG releases N280bn for capital projects, $220m for railway projects

The federal government has so far released N285 billion to some agencies for capital projects captured in the 2020 budget and another $220 million as counterpart fund for railway projects in the country.

Minister of Finance, Zainab Ahmed, made this known when she fielded questions from State House Correspondents after a closed door meeting with President Muhammadu Buhari, on Friday.

News Agency of Nigeria (NAN) reports that the minister, who was in the State House in the company of members of the Presidential Committee on the impact of COVID 19 on Nigeria’s economy, updated the president on the activities of the committee.

She listed the Ministries of Education, Health, Transport, Works and Housing and the Niger-Delta as beneficiaries of the N285billion capital fund.

The minister said government prioritised agencies handling critical infrastructure projects as beneficiaries of the first tranche of releases.

“As at Tuesday this week, we have released N285 billion to a number of agencies. We prioritised the releases to the critical infrastructure agencies.

“We also made releases to education as well as health so the ministries of transport, works and housing, Niger-Delta; a number of ministries and agencies that have important infrastructure projects have got their funds,’’ she added.

The minister further disclosed that $220 million has so far been released as counterpart funding for railway projects in the country.

“Also this week, we have been able to release to the Ministry of Transport the counterpart funding provided for in our budget that is required for the important railway projects that are currently ongoing, with financing form the China-Exim Bank so there are funds that have been released this week.