BusinessDay

FG to spend N3.5trn on infrastructure, human capital development in 2022 – Minister

Zainab Ahmed, Minister of Finance, Budget and National Planning, has said that the federal government plans to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development in 2022 alone.

The minister who said this in Abuja during a Town Hall Meeting organised by the Ministry of Information and Culture, reiterated that good quality infrastructure is important, not only to engender and accelerate economic growth, but also to ensure and enhance inclusive growth for all within a nation space.

“Subsequently, this administration continues to prioritize spending on infrastructure and human capital to catalyze rapid economic development,” she said.

Ahmed said that President Muhammadu Buhari administration has successfully implemented a range of infrastructure programmes that have had a positive impact on the lives and livelihoods of the citizenry.

Speaking further on some initiatives of the Buhari’s administration, the minister informed that the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (RITCS) which was launched in 2019 has 33 road Projects, covering a total length of 1,564.95 km as of 2021.

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She said in the last three years (2019 – 2021), about N78 billion worth of tax credits have been issued to investors under the RITCS.

On the Presidential Power Initiative, the minister said the first phase of the Presidential Power Initiative will provide over 40 million people with a more reliable electricity supply, creating 11,000 direct and indirect jobs for Nigerians.

“This will be from power system engineers to electricians and contractors, and this will in turn improve the standard of living while providing homes and businesses with constant, reliable, and affordable electricity supply,”, she said.

Lai Mohammed, Minister of Information and Culture informed that the Town Hall meeting is the 21st edition since
the programme started in 2016. The Minister said more Town Hall Meetings have been slated for this year to showcase the achievements of the Administration of President Buhari, as the administration gradually winds up.

“Because of the massive infrastructure development of the administration, the first two in the series for 2022, including today’s, will be dedicated to Infrastructure,” Mohammed said.