News Release, October 25, 2012
CAPITAL BUDGET: FINANCE MINISTRY RELEASES N300 BILLION FOR 4TH QUARTER
*GAINS OF 2012 BUDGET IMPLEMENTATION INCLUDE IMPROVED POWER SUPPLY, NEW RAIL CORRIDORS, NEW RICE MILLS
To ensure that the momentum on capital budget implementation is maintained as the year comes to a close, the Federal Ministry of Finance has released the sum of N300 billion of the capital budget for the fourth quarter of 2012.
This brings the total capital release for 2012 to N1.01 trillion out of a capital budget of N1.3 trillion for the year.
The amount released so far represents 75% of the capital budget for 2012.
The impact of budget implementation can be seen in various sectors of the economy. A few examples:
– Power supply in many parts of the country has improved to a consistent level of 15 hours per day
– Rehabilitation of existing power infrastructure has yielded up to 1000 megawatts of additional electricity
– NIPP projects are being fast tracked which will lead to an additional 1055 megawatts by end 2012
– The prospects for progress in power supply have increased significantly with the imminent conclusion of the privatisation programme
– In pursuit of the 3.5 million jobs target by 2015, 13 new private sector rice mills with capacity of 240,000 metric tonnes have been established
– One million metric tonnes of dried cassava chips exported to China
– Railway modernisation programme is progressing with the Abuja-Kaduna line now at 46%
– Rehabilitation of Lagos-Kano and Lagos-Ibadan lines has opened up new platforms for passenger traffic
– Abuja Light rail project making progress
– The Community Services, Women and Youth Employment Programme of SURE-P was launched in February 2012 and already working in 14 states. Target: 370,000 jobs per year
– The second edition of the YOUWIN job programme which focuses on women entrepreneurs has been launched by President Goodluck Jonathan. YOUWIN targets 80,000-100,000 jobs over three years.
– The clearance time for cargoes in the ports has been reduced from 39 days to seven days.
Paul C Nwabuikwu
Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance