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2017 Budget: N1.2 Trillion Released for Capital Projects

Proshare

Wednesday, January 17, 2018 /12:30PM /DMO 

The Federal Government has released a total of N I .2 trillion to finance capital projects in the 2017 Appropriation Act. Given that the 20 17 Budget was only finalised in July 20 17, the disbursement of N 1.2 trillion over a short period of 6months to capital, is a strong and positive development in Nigeria. Furthermore, the release of such a large amount for capital is a strong demonstration of the commitment of the present administration to prioritize improvement in infrastructure in order to stimulate economic growth and development. 

Since the 2017 Budget is still being implemented, more releases to capital are expected. In line with its statutory mandate of funding the Federal Budgets, the DMO raised a total of N1 .254 trillion from the Domestic Market through the Issuance of Federal Government of Nigeria Bonds, Nigerian Treasury Bills, as well as Sukuk and Green Bonds. This amount was consistent with the provision for New Borrowing in the 20 17 Appropriation Act. 

The DMO also raised USD2.8 billion in the International Capital Market through a USD3OO million Diaspora Bond in June 20 17 and a USD2.5 billion Eurobond in November 20 17 which together represent about 80% of the N I .0675 trillion (about USD3.5 billion) provided as New External Borrowing in the 20 17 Appropriation Act. The outstanding amount of USD700million in External Borrowing is expected from multilateral sources.

 

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