• Privacy Policy
  • Terms
  • About us
  • Contact Us
Monday, February 6, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Nigeria to release heavy capital fund, increases capital for bank

The Matters Press by The Matters Press
November 14, 2019
Reading Time: 3 mins read
0
Luxury items, drinks to attract more VAT

Finance

Finance

The Federal government is targeting to release N900 billion by December for capital projects as the Federal Executive Council (FEC) also approved the submission of Memorandum of Law for additional capital increase for Nigeria at the International Bank for Reconstruction and Development(IBRD).

RELATED POSTS

NECA fears further crashing of fragile economy

Ministry, ICRC in talks to revitalise FG’s properties abroad

FCT residents allege banks’ hoarding, selling of banknotes

IBRD is a global development cooperative owned by 189 member countries.

As the largest development bank in the world, it supports the World Bank Group’s mission by providing loans, guarantees, risk management products, and advisory services to middle-income and creditworthy low-income countries, as well as by coordinating responses to regional and global challenges.

Hajia Zainab Ahmed, Minister of Finance, Budget and National Planning, said after the FEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja that prior to this period, Nigeria held 16, 187 shares at the IBRD.

The minister said that during the last meetings of the World Bank group during which the capital increase was adopted in Oct. 2018, an additional allocation of 3,230 shares was allocated to Nigeria.

ALSO READ  Nigeria’s capital importation hits $1.3b, saves $2b in LNG contract

Ahmed said that the total value of the shares was in the sum of 50.6 million dollars.

She said that the additional subscription by Nigeria was not just desirable but also necessary to strengthen the country’s position and enhance its voice in the global financial architecture.

“It is important also that we reported to council that Nigeria now classified by the World Bank as middle income country by reason of its GDP of over 397 billion dollars and a per capita income of 1,960 dollars per head at the end of 2018.

“This makes Nigeria qualified for a blend status in the World Bank that gives a country a leverage and enables us to access some less restricted resources of the bank both at IBRD as well as at the IDA windows.

“Subscription to these shares will enhance the future status of Nigeria as a middle income country as well as project the image of the country as a strong emerging market.

ALSO READ  Nigeria partners with FAO to achieve better nutrition, zero hunger

“We are required to by March, 2019 to have accepted this offer and we have since done the acceptance and we went to council today to get council’s approval to submit a memorandum of law to complete the documentation of the subscription process and council approved our prayers.’’

The minister also fielded questions from State House correspondents on funding for federal road projects.

She said that the Minister of Works and Housing had a proposed budget of N247 billion for the year 2020 as the greatest component of the budget was the fixing of Nigerian roads.

The minister said that though the Federal Government was not able to fund the budget by 100 per cent, the Ministries of Power, Works and Housing and Transportation were always given priority in the release of funds.

She said that some measures had been introduced which had seen private sector participants getting involved in road construction.

“ One of these measures is the Road Infrastructure Task Credit Scheme that the President approved by Executive Order early this year so far we have 17 companies that are carrying out 19 roads across the six geo-political zones.

ALSO READ  NNPC makes giant stride, targets 1.8mbpd production

“I also want to remind you that for the past two years, we have issued Sukuku bonds; in 2017, it was for the construction of 25 roads. In 2018, 23 roads and there is also another one that is being processed.

“We have a lot of roads in the country but not every road you see is a responsibility of the Federal government; the major arterial roads are the ones that are the responsibility of the federal government.

“Majority of the roads in the country are within the purview and responsibility of states as well as local governments,’’ she said.

She said that while enough had not been done, efforts were being made to do more including raising special funds for roads and such other infrastructure.

Ahmed recalled that in October, when the President was submitting the budget to the National Assembly, he indicated that he had given a directive that N600 billion for capital expenditure be released.

Tags: CapitalFEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

NECA on how to address Nigeria’s economic challenges
Economy/Technology

NECA fears further crashing of fragile economy

February 6, 2023
Nigeria moves to review ICRC Act
Economy/Technology

Ministry, ICRC in talks to revitalise FG’s properties abroad

February 6, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA
Economy/Technology

FCT residents allege banks’ hoarding, selling of banknotes

February 6, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

Entrepreneurs count losses over scarcity of new Naira notes

February 6, 2023
Bids roll in for Ajaokuta Steel Company
Economy/Technology

Cash crunch crashes food prices

February 6, 2023
A transformed fertilizer market is needed in response to the food crisis in Africa
Economy/Technology

Foundation ready to sustain gains of PBR cowpea

February 6, 2023
Next Post
Dangote to up Nigeria’s sugar production

Economy not doing badly

Billionaire Alibaba in hits Nigeria, discusses with Osinbajo

Billionaire Alibaba in hits Nigeria, discusses with Osinbajo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank disburses N35.3bn intervention funds to 36 states

March 10, 2022
Opara emerges 22nd President of CIBN

CIBN assures stakeholders of exceptional value

January 17, 2023
IMF raises alarm over Nigeria’s economy, but supports reform efforts

Abuja chamber of commerce pledges to prioritise women entrepreneurship

July 19, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • NECA fears further crashing of fragile economy
  • Ministry, ICRC in talks to revitalise FG’s properties abroad
  • FCT residents allege banks’ hoarding, selling of banknotes

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?