FG Releases N750bn Capital Projects Fund to MDAs

The Federal Government has commenced the release of the N750 billion capital projects for 2017 to Ministries, departments and agencies(MDAs).

Finance Minister, Mrs. Kemi Adeosun stated this in her budget defense when she appeared before Senate Committee on Finance at the National Assembly complex in Abuja.

“ The accounts of the MDAs are being credited as I speak. If the MDAs check their balances, they will have a different balances in their accounts”, she said.

The also explained that the ongoing capital projects will be rolled over into 2018, adding that “with the capital budget release, we expect many of the ongoing projects by the MDAs to be completed”

The Minister commended the leadership and members of the National Assembly for their support in approving the issuance of Eurobond, stressing that some of the funds are being deployed in the execution of the 2017 budget while balance is being used to refinance the country’s existing debt.