The Minister of Budget and National Planning, Mr Udoma Udo Udoma, on Wednesday disclosed that a total sum of N460 billion had been released so far this year for the implementation of the capital projects in the 2018 budget.
The minister made the disclosure while fielding questions from journalists at the sidelines of the ongoing IMF and World Bank Group Annual Meetings in Bali, Indonesia.
The minister said also that the Executive would present its 2018 borrowing plan to support the 2018 budget as soon as National Assembly re-convenes from the recess since July to finalise deliberations on the plan.
He explained: “You know that President Muhammadu Buhari has sent a letter to the National Assembly, asking for the approval of the borrowings to support the 2018 budget and the National Assembly has been on recess over the last two months.
“They (National Assembly) did not deal with it but they are back and we are optimistic; once they approve the borrowing plan, we will be able to move very quickly”, Udoma added.
It would be recalled that the Senate yesterday confirmed the receipt of an Executive Communication from President Buhari asking the National Assembly to approve a request for the issuance of $2.786 billion Eurobond for partial financing of the 2018 budget’s deficit.
After a brief Executive Session, the President of the Senate, Bukola Saraki, read the contents of the Executive Communication forwarded by the President on the issuance of $2.786 billion Eurobond to finance the 2018 budget’s deficit.
The President hinged the basis of his request for the distinct and specific resolutions of the National Assembly for the $2.786 billion Eurobond on provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO).