Federal government said it plans to release N750bn for 2017 Capital expenditure this week to address Nigeria’s huge infrastructure needs.
Kemi Adeosun, Nigeria’s Minister of Finance made the disclosure on Monday in Abuja when she played host to group of French Investors under the umbrella of MEDEF and the French Business Confederation.
“In order to ensure adequate provision for our capital expenditure,Last year we released N1.3 trillion. So far this year,we have released N450bn,but this week,we would release another N750bn,which would take us to about N1.2 trillion with regard to Capital releases the end of the year.We are committed to funding our infrastructural needs,” Adeosun said.
The Delegation of the French Business confederation,which is the highest Business representatives in France was led to the meeting by the France Ambassador to Nigeria Denys Gauer, with Phiilip Labon as the leader of the delegation.
The Business delegates, according to the French Ambassador were on a mission to Nigeria to explore opportunities and possibilities of exploring areas of investment in Nigeria’s services, Oil & Gas Manufacturing sector, Agriculture and other key areas of the economy.
“The Business delegation would also be meeting with Nigeria Business Community in Lagos once the meeting with the Minister is concluded here in Abuja,” the Envoy said.
Speaking to newsmen,the French Ambassador said:”The Business delegation are in Nigeria to make inquiries on Nigeria’s fiscal structure and general economic situation,and how the Nigeria’s Economic Recovery and Growth Plan is impacting on the economy”
Also,speaking Phillip Labron, who led the delegation said, “We would be looking at various opportunities in Nigeria looking at the Nigerians economic plans and how Nigeria and French Business community could explore such advantages.”
In her response,the Minister of Finance assured investor’s that this is the right time to invest in Nigeria and benefits from series of reforms being embarked upon by the federal government.
“Nigeria is on the path of recovery,and it is a new type of Nigeria that the federal government is building,as it reforms are being made to make it less dependent on oil. We are diversifying the revenue,we are improving our tax collection base for sustainable flow of income, which is needed to fund the essential services and infrastructure and improve Nigeria’s economy”
“Opportunities are opening in Nigeria’s power,Banking services,Agriculture processing because 25% of our economy is Agriculture,and we are intensifying efforts in value addition.We are also improving the macro-fundamentals,and as you know,the naira is fairly priced.We are also embarking on reforms that would see us improve our tax to GDP ratio.”
“We now have data to correctly access our Tax payers,and we are embarking on the reforms that ensures that our tax to GDP ration moves beyond 6%.We are also providing Tax incentives to enable effective drive of the economy with the support of the Private sector”She added.
