President Muhammadu Buhari has disclosed that N1.7 trillion has been released for capital projects as at October this year boasting that capital budget will be fully funded by the end of fiscal year.
Buhari who made this known while presenting 2021 budget before the Joint Sitting of National Assembly revealed that petrol subsidy significantly eroded revenues that should have been available to fund the budget.
He said, “Despite our revenue challenges, we have consistently met our debt service commitments. We are also up to date on the payment of staff salaries, statutory transfers, and overhead costs. As at (4th of October 2021), a total of N1.732 trillion had been released for capital expenditure.
“I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2021.
“Capital releases thus far have been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
“We have made progress on the railway projects connecting different parts of the country. I am glad to report that the Lagos-Ibadan Line is now completed and operational.
” The Abuja-Kaduna Line is running efficiently. The Itakpe-Ajaokuta rail Line was finally completed and commissioned over thirty (30) years after its initiation.
“Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to themselves and to the North.
“Progress is also being made on several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.”