'They don't have full understanding,' Finance minister 'surprisdo by Moody's downgrade of Nigeria
Zainab Ahmed

The Nigerian government said it has so far released N285 billion to some agencies for capital projects captured in the 2020 budget.

Minister of Finance, Zainab Ahmed made the revelation on Friday, while speaking to State House Correspondents.

The Minister, who was in the State House in company of members of the Presidential committee on the impact of COVID 19 on Nigeria’s economy, listed the Ministries of Education, Health, Transport, Works and Housing and the Niger-Delta as beneficiaries.

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

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

The Finance Minister further disclosed that $220 million have 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. In addition to the N285 billion there is up to about $220 million that have been released for railway projects.”


Please enter your comment!
Please enter your name here