ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Cover

Buhari directs release of N600bn for capital projects

1st October 2019
in Cover, National
0
Economist says projections in 2019 budget achievable
0
SHARES
627
VIEWS
Share on FacebookShare on Twitter

 President Muhammadu Buhari has directed the Ministry of Finance, Budget, and National Planning to release N600 billion for Capital Expenditure in the next three months.

The President gave the directive in his nationwide broadcast to mark the Nigeria’s 59th Independence Anniversary on Tuesday in Abuja.

He stated that the directive was informed by his administration’s desire to significantly increase investments in the nation critical infrastructure.

According to him, the implementation of the 2019 Capital Budget, which was only approved in June 2019, will be accelerated to ensure that critical priority projects are completed or substantially addressed.

He revealed that the Federal Government had so far released N1.74trillion for execution of various capital projects in the 2018 fiscal year.

“In this regard, we are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the Budget in June 2018.

“However, as at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year,’’ he said.

The president noted that the exchange rate in the last three years had remained stable, with robust reserves of 42.5 billion dollars, up from 23 billion dollars in Oct. 2016.

He added that, to maximise impact, the federal government would continue to increasingly welcome and encourage private capital for infrastructure development through Public Private Partnerships.

“Through the Road Infrastructure Tax Credit Scheme, which I initiated in January this year, we are giving incentives to private sector inflow of over N205 billion in 19 Nigerian roads and bridges of 794.4km across in 11 States of the Federation.

“As we push to diversify the economy, we still remain focused on optimising the revenues generated from the oil and gas sector.

“We will, working with the Legislature, soon pass the Petroleum Industry Bill and amendments to the Deep Offshore Act and Inland Basin Production Sharing Contracts Act into law, to ensure Government obtains a fair share of oil revenues, whilst encouraging private sector investment,’’ he said.

Buhari maintained that his administration would also continue the fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across the borders.

He said this would include the diligent prosecution and conviction of offenders found guilty of these acts.

“Whilst Nigeria remains committed to free and fair continental and international trade, we will not hesitate to take all necessary steps to tackle illegal smuggling, transshipment and other predatory trade practices that destroy jobs in our country,’’ the president added.

On power, Buhari reiterated his administration’s determination to reform the power sector to ensure speedy socio-economic transformation across the country.

“We are resolute in reforming the power sector. In August this year, we launched the Presidential Power Initiative to modernize the National Grid in 3 phases: starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards.

“This programme, in partnership with the German Government and Siemens, will provide end-to-end electrification solutions that will resolve our transmission and distribution challenges,’’ he disclosed.

According to him, the programme will also localise the development and assembly of smart meters as well as the operations and maintenance capabilities of transmission and distribution infrastructure.

He expressed delight with the improved inter-agency collaboration between the Ministry of Power and the regulators in the banking and power sectors to ensure that electricity sales, billings and collections were automated and become cashless.

“These initiatives are important to ensure that the technical and collection losses in the sector are substantially reduced.

“I remain confident that Nigerians will have affordable and uninterrupted electricity supply in the not too distant future.

“Our efforts to improve the power sector will complement other infrastructure investments projects under the Presidential Infrastructure Development Fund,’’ he said.

He acknowledged that the fund was investing in the Mambilla Power Plant project, as well as key economic road infrastructure such as the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kano Expressway.

The President expressed optimism that the first set of these projects remain on track to be completed by 2022. (NAN)

Cyril

Cyril

Related Posts

Senator Musa mourns late Emir of Kagara who died at 91
National

Senator Musa mourns late Emir of Kagara who died at 91

3rd March 2021
Ondo Guber: Akeredolu emerges candidate of APC
National

Ondo Assembly approves 13 Special Advisers for Akeredolu

3rd March 2021
Court grants bail to ex-BPE boss Dikki in N1 billion bribery trial
National

Court grants bail to ex-BPE boss Dikki in N1 billion bribery trial

3rd March 2021
Next Post
CARTOON

CARTOON

Buhari promises to make police, judiciary more efficient

Buhari vows to fight cyber-crimes, hate speech to standstill

L-R: Mikael Johnsson (Sweden); Flavia Fiorin (Brazil); Chinwe Okoli (Nigeria); Haofeng Lai (China)

UNN: Innovation, entrepreneurship key to poverty eradication in Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

FG approves establishment of SIM Swap Centres across all states

Edo APC accuses governor of operating without commissioners for 3 months

Food blockade to South: A blessing in disguise— Igbo Youth Movement

Court fixes May 17 for EFCC report in Diezani’s money laundering trial

Edo First Lady lauds young agriculture investors in state 

COVID-19: Reporters urged to be armed with hand sanitisers

Trending

Senator Musa mourns late Emir of Kagara who died at 91
National

Senator Musa mourns late Emir of Kagara who died at 91

3rd March 2021
0

From John Adams, Minna The senator representing Niger, Alhaji Sani Musa, has described the death of the...

Ondo Guber: Akeredolu emerges candidate of APC

Ondo Assembly approves 13 Special Advisers for Akeredolu

3rd March 2021
Court grants bail to ex-BPE boss Dikki in N1 billion bribery trial

Court grants bail to ex-BPE boss Dikki in N1 billion bribery trial

3rd March 2021
FG approves establishment of SIM Swap Centres across all states

FG approves establishment of SIM Swap Centres across all states

3rd March 2021
Edo APC accuses governor of operating without commissioners for 3 months

Edo APC accuses governor of operating without commissioners for 3 months

3rd March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist