N300bn Capital Projects’ Fund Excites Stakeholders

Some Nigerians have commended the Federal Government for
releasing N300 billion for capital projects in the third quarter of 2012.

They made the commendation in separate interviews in Lagos.

A former President, Finance Houses Association of Nigeria
(FHAN), Mr Eddie Osarenkhoe, described the decision as a right step that would
boost cash flow in the economy.

Osarenkhoe explained that it would trigger numerous capital
projects which would generate economic activities.

He said that it would also facilitate the implementation of
2012 budget, stressing that the budget’s poor implementation in the first half
of 2012 was due to lack of funds for the ministries to execute projects

He, however, advised the government to ensure that the money
allocated for specific capital project was spent judiciously. “The ability of
government to properly monitor the funds will further lead to growth in the
economy,’’ he said.

The General Manager, True Bond Micro Finance Bank Limited,
Lagos, Mr Wole Olowu, corroborated Osarenkhoe’s view as he commended the
release of the money.

Olowu said that if the fund was effectively utilised, it
would revamp the infrastructure deficit and have multiplier effect on the
economy.

According to him, there would be more roads, potable water
and adequate power supply, which would attract foreign investors into the
country.

Olowu held that ineffective monitoring of budget
implementation could negate the objectives of building infrastructure. “The
government should work toward ensuring that the money does not go to individual
pockets,’’ he stressed.

He urged the government to ensure the money was spent on
capital projects it was meant for so as to have positive impact on the life of
the people.

The General Manager, Cash Craft Assets Management Limited,
Lagos, Mr Ayodeji Fagbenle,  urged the
government to tackle leakages in the economy.

Fagbenle, however, contended that allocating more funds for
capital projects would boost national development.

Our correspondent
recalls that Dr Ngozii Okonjo-Iweala, the Minister of Finance, announced
the release of N300 billion for the third quarter of 2012 budget last Thursday
at a media briefing in Abuja.