The sum of N250 billion for capital projects for the third quarter 2013 was released yesterday by the federal government, what brings to N850 billion the accumulated amount released for the implementation of capital projects in the 2013 Budget. This information contained in a statement by the Minister of Finance, Dr Ngozi Okonjo-Iweala.
The funds, released by the Ministry of Finance, will be deployed to accelerate the execution of key infrastructure, security and social projects included in budget 2013 in line with the priorities set out by President Goodluck Jonathan, the statement said.
According to Ms Okonjo-Iweala, the implementation of various capital projects across the country is ongoing. At the moment, utilization of the released funds for capital projects for the year 2013 stands at 71 percent.
The Minister noted that all the funds are cash-backed. This means it is available for ministries, departments and agencies to use immediately.