2017 Budget: N1.2trn released for capital projects – DMO

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By Charles Kumolu
THE Debt Management Office, DMO, has said that the Federal Government has released N1.2 trillion to finance capital projects in the 2017 Appropriation Act.

Abraham Nwankwo DG, Debt Management Office

It also described the development as a demonstration of what it called the commitment of the present administration to prioritise improvement in infrastructure.

In addition, DMO said since the 2017 Budget is still being implemented, more releases for capital expenditure are expected.

It stated that in line with its statutory mandate of funding federal budgets, it raised N1.254 trillion from the Domestic Market through the issuance of Federal Government of Nigeria Bonds, Nigerian Treasury Bills, as well as Sukuk and Green Bonds.

The DMO had raised $2.8 billion in the International Capital Market through a USD300 million Diaspora Bond in June 2017 and a $2.5 billion Eurobond in November 2017 which together represented  about 80 percent of the N1.0675 trillion  provided as New External Borrowing in the 2017 Appropriation Act.

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