Breaking News: FINANCE MINISTRY RELEASES N400B 1ST QUARTER CAPITAL; N45b for payment of PHCN workers

Posted by News Express | 14 March 2013 | 3,710 times

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The cash squeeze experience as a result of the delay in passing the 2013 Nigerian Federal Budget appears to be over as the country’s Ministry of Finance has released the sum of N400 billion as first capital budget.

This, according to Paul C Nwabuikwu, Special adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is intended “to give fresh impetus to the execution of projects captured in Budget 2013.”

In a statement just issued in Abuja, the Nigerian capital, Nwabuikwu said that “of this amount, N120 billion had been frontloaded to cater for two important initiatives:

*N75 billion for retiring bonds which have come due. This is in line with the new debt management strategy which focuses on reducing the stock and flow of debt in a proactive manner.

*N45 billion for the payment of PHCN workers.

News Express reports that the N4.987 trillion budget was signed into law by President Goodluck Jonathan on February 26 after reaching an agreement on the contentious areas with the National Assembly.

•Photo: Dr. Okonjo-Iweala.

Source: News Express

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