Nigeria injects 336 bln naira into economy for capital projects in Q1 -finmin

Nigeria's finance minister has confirmed the release of 336 billion naira capital vote for government agencies and ministries in the first quarter of the year in a bid to stimulate the economy.
In a statement on Tuesday, Kemi Adeosun said the balance of about 14 billion from the first quarter allocation is being processed.
Nigeria approved 7.44 trillion naira budget proposal for the with a capital vote of 2.36 trillion naira. The budget was signed into law in June by the vice president, Yemi Osinbajo who acted on behalf of the president who was on medical vacation in the UK at the time.
A breakdown of the total capital expenditure releases showed that 90 billion naira was released to the power, works and Housing ministry, while 71 billion naira was released to the defence ministry and 30 billion naira for the transport sector.
The agricultural sector received 30 billion naira, water resources got 12 billion naira while other sectors combined, received a total sum of 103 Billion naira.
The finance minister said the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan (ERGP).
Adeosun said the government will continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation. “Despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development”, Adeosun said.