Nigeria achieves 94% implementation of 2021 budget

The Nigerian government has disclosed it has executed 94 per cent of the 2021 budget in the areas of infrastructure and human capital development.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this at a Townhall meeting on the achievements of the Federal Government in Infrastructure development in Abuja said the feat has never been achieved in the history of the country.

She said President Muhammadu Buhari’s administration has continued to prioritize spending on infrastructure to stimulate economic activities which have helped in returning the country to the path of growth.

“Against this backdrop of challenges, this Administration has successfully implemented a range of infrastructure programmes that have had a positive impact on the lives and livelihoods of the citizenry.

“During my presentation, I will highlight some of these programmes initiated by the Federal Ministry of Finance, Budget and National Planning, as well as those initiatives that the Ministry is helping to facilitate in other Ministries.

“Before I proceed with these initiatives, I would like to use this forum to reiterate that good quality infrastructure is important, not only to engender and accelerate economic growth but also to ensure and enhance inclusive growth for all within a nation space.

“Subsequently, this Administration continues to prioritize spending on infrastructure and human capital to catalyze rapid economic development. In 2022 alone, we plan to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development”.

She explained that in the light of constrained revenue proceeds brought on by several multi-dimensional factors, including the global pandemic and its impact on the domestic economy the ministry designed various initiatives to meet the needs of the people.

“The Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (RITCS) was launched in 2019 to leverage private sector capital and expertise to construct, repair and maintain critical road infrastructure in key economic corridors and industrial clusters in Nigeria.

“Since the inception of the RITCS, the President has approved 14 additional roads, bringing the total to thirty-three (33) Road Projects, covering a total length of 1,564.95 km as of 2021.

“These additional projects are in 19 States across the six (6) geo-political zones in the country.

“In the last three years (2019 – 2021), about N78 billion worth of tax credits have been issued to investors under the RITCS. In addition, the NNPC is to finance the construction of 21 roads across the country.

“Over a period of seven (7) years (2015 – 2021), we have invested and completed 13 projects across seven (7) key sectors including healthcare, education, agriculture, financial services, and housing.

“Some of these completed projects comprise the UFF-NAIC Agri Fund, established with Old Mutual to invest in processing opportunities with backward integration to primary agriculture; the Fund for Agricultural Finance in Nigeria (FAFIN) – an agriculture-focused private equity fund for agricultural SMEs across Nigeria.

“Another is the AFAM III Fast Power – a N10.4 billion investment in the procurement and local assembly
of Solar Home Systems, as part of the FGN solar strategy for the electrification of 5 million households.

“In the healthcare sector, we have completed three (3) infrastructure projects worth US$22.5 million, which include the NSIA-LUTH Oncology Centre, which has provided services to over 4,000 patients since its commissioning.
“The NSIA-FMCU and the NSIA-AKTH Diagnostic Centres – two (2) ultra-modern facilities located at Abia and Kano States.

“Furthermore, both diagnostic centres have provided services to over 47,000 clients.

“Through the Nigeria Mortgage Refinance Company (NMRC) and the Family Homes Funds (FMF), the Ministry has contributed to the housing infrastructure development in the country with the implementation of the mortgage-based affordable housing scheme.

“In the last three years (2019 – 2021), the Scheme has recorded a total of over 13,542 houses.”