• Tuesday, July 16, 2024
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FG releases N200bn for Q2 capital projects


The Federal Ministry of Finance on Thursday announced that it has released N200 billion for the second quarter which would ensure further progress in the implementation of capital projects earmarked in the 2013 budget.

The ministry also said it has so far paid a total of N72.7 billion to the Federal Ministry of Power this year to cover various items that would ensure the implementation of the power roadmap.

The ministry had earlier released N400 billion capital fund for first quarter 2013, of which N335 billion has been cash-backed.

Of the cash-backed portion, 65 percent has been utilised so far, it said in a statement signed by Paul Nwabuikwu, senior special assistant to the coordinating minister for the economy and minister of finance.

The amount includes some N45 billion paid to PHCN workers as part of the power privatisation programme.

It also includes the sum of N5 billion paid for the Multi Year Tariff Order (MYTO).

Other beneficiaries of the total release so far include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE (NELMCO) and Bulk Trader.

A breakdown of the figures shows that N59, 089,522,721 was paid in the first quarter while N13,733,822,832 has been paid so far in the second quarter.