The Federal Government on Monday confirmed the release of N995.665 billion for capital expenditure in the implementation of the 2020 revised budget.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this while presenting a cheque of the N162.557 billion realized from the 2020 Sukuk issuance to the Minister of Works and Housing, Babatunde Fashola, SAN, in Abuja.
She said the government appropriated the sum of N1.347 trillion for capital expenditure under the revised 2020 budget, adding that with the release of the cheque to the Minister, the amount appropriated for roads projects financed by Sukuk in 2020 budget has been fully released.
“Mr. President directed the release of 50 per cent of this amount during the signing of the revised budget before the end of July 2020. The total capital releases to date is N995.665 billion, including Sukuk.”
The Minister further said that the government was encouraged by the success recorded on improvements in road infrastructure across the six geopolitical zones with the intervention of the special Sukuk funding.
Receiving the symbolic cheque, Fashola said that government valued the trust of the Sukuk investors and that such a trust would not be misapplied in the 44 roads projects to benefit from the N162.557 billion.