President Muhammadu Buhari said he has authorized the release of N600bn into the economy as part of the 2019 capital expenditures in critical infrastructure in the last quarter of the year.
The fund is expected to address the poor infrastructure development, which has been the bane of this administration, as over N200bn of the funds will be injected into the construction, rehabilitation and expansion of about 11 critical roads, across the country.
The President, in his Independence Day nationwide broadcast, said his administration will accelerate implementation of the 2019 budget, which was approved in June, this year, to address the infrastructure deficits
According to him, “ 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 stated that “ The Ministry of Finance, Budget and National Planning has been directed to release N600 billion for Capital Expenditure in the next 3 months”
The President said his administration will also welcome and encourage injection of private capital for infrastructural development through Public Private Partnerships, PPP.
“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.
The President said his administration will remain focused on optimizing the revenues generated from the oil and gas sector, adding that executive will work with the Legislature to accelerate the passage of 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”
The President also promised to intensify the battles against oil thefts and illegal bunkering of Nigeria’s crude oil which had led to the loos of over $22bn in revenue in the first half of the year, according to the recent statistics by the National Economic Council, NEC
The President promised to continue the fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across the borders, including 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.
He stated that government’s efforts to boast up revenue led to the increased efforts to combat militant attacks on the nation’s oil and gas facilities in the Niger Delta and accelerate the Ogoni Clean-up to address long-standing environmental challenges in that region.
The recent redeployment of the Niger Delta Development Commission from the Office of the Secretary to the Government of the Federation, to the Ministry of Niger Delta Affairs underscores our commitment to enhance the living standards of our communities in the Niger Delta, through coordinated and appropriate programmes.
Tony Ailemen, Abuja
