FG releases N400billion for 2020 capital projects
The Federal Government on Friday confirmed that it has released the sum of N400 Billion in the 2020 budget for financing of prioritized capital projects across the country.
The DG, Budget, Mr Ben Akabueze said this during an interview on Channels TV’s Sunrise Daily programme.
While explaining, Akabueze said the fund was released to various priority Projects across the country, ranging from roads construction to other important projects.
He further stated that the issue of loan of $22.7 billion by the Federal Government recently approved by the National Assembly is a medium term plan initial for the year 2016 to 2020 but was not approved by the 8th Assembly and also it was an integral part of the 2020 Budget, where provision of Loan has been made, therefore he called for an understanding of Nigerian in relation to the loan which is as a result of low revenue generation in the country.
In his statement, he put the loan repayment to the sum of N2.5Trillion as contained in the 2020 Budget and also said Nigeria Oil production stands at 2million/Bbl per day.
Meanwhile analyst put the Country’s Debt to GDP at the rate of 22.7% which is still within the threshold of 60%.
Suleiman Oladimeji writes from Abuja
