FG releases N750bn to MDAs for on-going projects

The Minister of Finance, Kemi Adeosun on Tuesday said the accounts of Ministries, Departments and Agencies, MDAs, of government have been credited with various sums from the N750 billion released for capital projects in the 2017 Budget.

Mrs Adeosun said the Federal Government has kept its promise of releasing funds for on-going capital projects that will be rolled over into year 2018.

Speaking during her Budget 2018 defence before the Senate Committee on Finance, Adeosun said that the Federal Ministry of Finance has already commenced the released of N750bn capital budget to the MDAs

According to her, “the accounts of the MDAs are being credited as I speak.

“If the MDAs check their balances, they will have different balances in their accounts now”.

She assured the lawmakers that government is determined to roll over into 2018 all on-going capital projects.

The finance minister added that with the capital budget release, many of the on-going projects by the MDAs are expected to be completed as scheduled.

Mrs Adeosun also applauded the “leadership and members of the National Assembly for their support in approving the issuance of Euro bond.”

She explained that some of the funds are already being deployed in executing the 2017 budget with the balance to be used in re-financing existing debt.

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