Nigeria’s 2017 capex to hit 440.9 bln naira next week, finance minister says

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ABUJA, Oct 3 – Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday.

Kemi Adeosun said the government had spent 1.5 trillion naira on recurrent expenditure so far.

“We concluded our Sukuk last week, the money will be pushed out this week. As money comes in, we push it out,” Adeosun said. Last week Nigeria sold a debut 100 billion naira in sukuk in the local market to finance road projects. ($1 = 306.00 naira)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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