The Federal Ministry of Finance has released the sum of N250 billion for capital projects for the third quarter of the year.

“In line with the priorities set out by President Goodluck Jonathan, the funds will be deployed to expedite the execution of key infrastructure, security and social projects captured in Budget 2013,” says Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala. “The latest figure means that a total of N850 billion has so far been released for capital projects this year. Also, all the funds released have been cash-backed.”

Okonjo-Iweala in a statement issued on her behlf this evening by her Special Adviser Paul C Nwabuikwu recalls that N400 billion and N200 billion respectively were released for capital projects in the first and second quarters of the year.

“Implementation of various capital projects across the country is ongoing and currently,” she says. “Utilisation of the released funds for capital projects for this year stands at 71 per cent.”

•Photo shows Okonjo-Iweala.