FG releases N250 Billion for capital projects for 3rd quarter 2013

The Federal Ministry of Finance has released the sum of N250 billion for capital projects for the third quarter of the year.

In line with the priorities set out by President Goodluck Jonathan, the funds will be deployed to expedite the execution of key infrastructure, security and social projects captured in Budget 2013.

The latest figure means that a total of N850 billion has so far been released for capital projects this year.

Also, all the funds released have been cash-backed.

It will be recalled that N400 billion and N200 billion respectively were released for capital projects in the first and second quarters of the year.

Implementation of various capital projects across the country is ongoing and currently, utilization of the released funds for capital projects for this year stands at 71%