FEDERAL MINISTRY OF FINANCE
News Release, March 14
FINANCE MINISTRY RELEASES N400 BILLION 1ST QUARTER CAPITAL
The Federal Ministry of Finance has released the sum of N400 billion as first capital budget to give fresh impetus to the execution of projects captured in Budget 2013.
Of this amount, N120 billion had been frontloaded to cater for two important initiatives:
• N75 billion for retiring bonds which have come due. This is in line with the new debt management strategy which focuses on reducing the stock and flow of debt in a proactive manner.
• N45 billion for the payment of PHCN workers.
Paul C Nwabuikwu
Special adviser to the Coordinating Minister for the Economy and Minister of Finance