By Emma Ujah, Abuja Bureau Chief

ABUJA— Capital releases to Federal Ministries, Departments and Agencies, MDAs, for the 2016 budget, have reached a record N1 trillion, the highest ever  in Nigeria’s annual funding for capital projects, Minister of Finance, Mrs. Kemi Adeosun, has revealed.

“So far, N1 trillion has been released on capital and this is the highest so far in the history of this country. With the current stability in oil price and the return of normalcy in Niger Delta, I am sure we will do more this year, 2017,” she said.

According to the Director of Information in the ministry, Mr. Salisu Na’inna Dambatta, the minister disclosed the figure in an interactive exchange with members of the House of Representatives Tactical Committee on Recession in her  office in Abuja.

Finance Minister, Mrs Kemi ADEOSUN

The amount was released for various projects, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano; rehabilitation of roads, expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.

She said components of the releases include aggregate releases to the MDAs of N870,055,792,283 as at the end of February 2017 and additional   releases of N65,393,920,000.

Others were Manual Authority to Incur Expenditure (AIEs) in February 2017 in the sum of N11,179,173,711.42 and an additional Manual AIEs worth N45,804,709,077.20 as at March 13, 2017.

Mrs. Adeosun noted that the overall capital releases totalling N992,433, 595,071.42 had made impact on the Nigerian economy by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the well being of Nigerians.

She said contractors returning to project sites around the country have employed workers, contributed to economic growth and improved the well being of Nigerians, in line with the strategic objectives of the administration of President Muhammadu Buhari.

The Minister emphasised: “We are determined to transform the economy and this is why we are focused on capital expenditure. If we have our rail, road and power, then we will be able to generate jobs and prosperity.”

In its efforts at providing more resources for capital projects, the cabinet at its weekly meeting last Wednesday, approved N80 billion for infrastructure projects across the country.

The House of Representatives also approved a $500 million Euro Bond as part of the 2016 borrowing plan last week.