By Tony Obiechina, Abuja
The Federal government plans to spent about N2.11 trillion on human capital development and another N1.42 trillion on infrastructure in the 2022 fiscal year alone, Finance Minister, Budget and National Planning, Mrs Zainab Ahmed has disclosed.
The Minister who made the revelation at a Town Hall meeting on the achievements of her ministry held in Abuja on Tuesday, said this administration will continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.
She also disclosed that commencement of Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme in 2019, with the approval of the President, 19 Road Projects covering 769.16 km and located in 11 states across the six geopolitical zones.
She said subsequently work commenced with the reconstruction of the Apapa-Oshodi-Oworonshoki-Ojota Road in Lagos State (34 km), re-construction of Obajana-Kabba road (43km) in Kogi state – both invested in and undertaken by Dangote Industries Limited, while the Nigerian Liquefied Natural Gas (NLNG) Limited undertook the construction of the Bodo-Bonny road and the bridges across the Opobo channel in Rivers state (40 km).
According to her, 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, adding that,”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”, the Mrs Ahmed said.
In the healthcare sector, the Minister said, “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.
“Furthermore, through the NIF, there are ongoing projects such as the Presidential Infrastructure Development Fund (PIDF), which is a US$300 million NSIA investment, established to attract capital and accelerate the completion of key infrastructure projects, which includes the Lagos-Ibadan Expressway (LIE), Second Niger Bridge (2NB), and Abuja-Kano road (AKR). Some of the projects are approaching completion with LIE at 79%, 2NB at 83% and AKR at 27%
The stated that Nigeria’s economy and population remain the largest in Africa with over $400 billion in GDP and over 200 million people pointing out that the country’s huge and growing population offer both an economic challenge and opportunity, 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.
Ahmed said, “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”.
