Nigeria has spent a total of N4.33 trillion to execute its capital projects in the last three years, Minister of Budget and National Planning, Udoma Udo Udoma told reporters in Abuja, on Tuesday.
“Ministry of Finance was able to release, for capital spending, the sum of N1.2 trillion under the 2016 budget, the sum of N1.58 trillion under the 2017 budget and, as at 8th May, 2019 the sum of N1.55 trillion has been released under the 2018 budget.
“We increased budgetary allocations to capital expenditure – from 16.1% in 2015 to 30.2% in 2016, 31.7% in 2017, 315% in 2018 and 26% in 2019- with priority given to the key execution priorities of the Economic Recovery Growth Plan, ERGP. We were also able to increase our capital releases”, Udoma said at a valedictory press conference in the nation’s capital.
He, however, said that the President Muhammadu Buhari’s administration might not likely meet the projected seven percent growth by 2020, driven by the Economic Recovery and Growth Plan (ERGP), saying the goal forecast is “threatened and seems unrealizable.”
According to him, Nigeria could not meet its January to December budget cycle due to lack of harmony between executive and legislative arms of government.