Federal Government of Nigeria says it will spend a total of N1.42tn on infrastructure projects in 2022.
Gatekeepers News reports that the Minister of Finance, Budget, and National Planning, Zainab Ahmed on Tuesday said the Federal Government also plans to spend N2.11tn on human capital development in 2022.
Ahmed, while disclosing this at a town hall meeting in Abuja on the achievements of the government in infrastructure development, stressed the importance of good quality infrastructure in engendering and accelerating economic development.
She noted that this administration will continue to prioritise spending on infrastructure and human capital to catalyse rapid economic development.
The Minister said, “In 2022 alone, we plan to spend about N1.42tn on infrastructure and N2.11tn on human capital development.”
According to her, the President, Muhammadu Buhari approved 33 road projects for construction under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme between 2019 and 2021.
While noting that the sum of N78bn worth of tax credits was issued to investors under the scheme within the review period, she said key capital projects were being financed by bilateral and multilateral loans.
She further explained that 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.
Ahmed stated that the loans provided by the World Bank are used for 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.
According to her, the 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).
She added that the Abuja Power Feeding Transmission Scheme ($170m) and the Northern Corridor Transmission Line ($245m) are funded through loans from the French Development Bank.
