FG to spend N3.53tn on infrastructure, human capital

Zainab Ahmed5

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government plans to spend a total of N1.42tn on infrastructure projects and N2.11tn on human capital development in 2022.

Ahmed, who disclosed this on Tuesday at a town hall meeting in Abuja on the achievements of the in infrastructure development, stressed the importance of good quality infrastructure in engendering and accelerating economic development.

According to her, this regime will continue to prioritise spending on infrastructure and human capital to catalyse rapid economic development.

“In 2022 alone, we plan to spend about N1.42tn on infrastructure and N2.11tn on human capital development,” she said.

The minister said that between 2019 and 2021, the President, Major General Muhammadu Buhari (retd.), approved 33 road projects for construction under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

She said the sum of N78bn worth of tax credits was issued to investors under the scheme within the review period.

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She said key capital projects were being financed by bilateral and multilateral loans.

According to her, loans acquired from the Chinese EXIM banks are being used to fund the Zungeru Hydropower Plant Project, $984.32m; Lagos-Ibadan Railway Project, $1.26bn; upgrading and rehabilitation of Keffi-Akwanga-Lafia Road Project, $460.82m; supply of rolling stock and depot equipment for Abuja Light Rail Phase 1 Project, $164.91; and four airports terminal expansion project phase II, $208.91m, among others.

She said the Nigeria Electrification Project ($350m), the North Core Interconnection Power Transmission Line ($32.3m) and the Nigeria Electricity Transmission and Access Project ($486m) were currently funded by loans provided by the World Bank.

Ahmed said loans acquired from the African Development Bank had been invested in the actualisation of the Nigeria Electrification Project ($200m) and the Nigeria Transmission and Expansion Program ($210m).

According to her, loans from the French Development Bank are being used to finance the Abuja Power Feeding Transmission Scheme ($170m) and the Northern Corridor Transmission Line ($245m).

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