The Minister for Power, Works and Housing, Babatunde Fashola on Thursday in Ilorin, Kwara State said the Federal Government will spend N1.8 trillion this year on capital projects.
Fashola said this is a change from what it used to be in the past when about N400 billion was planned for capital projects. He made this known at the 5th meeting of national council on land, housing and urban development in Ilorin.
While delivering his keynote address at the event, Fashola said: “As you will be aware, one of the decisions taken by the President Muhammadu Buhari administration is to increase the capital spending in 2016 budget to 30 percent of the total budget size of N6.06 trillion. This is a change for those who still ask what has changed. It is a change because it is a welcome departure from almost a decade of spending only 10 per cent of our annual budget on capital expenditure.
“But this is not the end of the purpose of spending. It is only the means to get to the end. The end really is to reflate the economy, to stimulate the economy back to growth and back to productivity. To provide the opportunity for people to feel included in the economy in a way that growth then translates to employment for them.