2019 Polls: We Won’t Divert N2.4trn Project Fund -FG

The Vice President, Prof Yemi Osinbajo, yesterday, assured that, contrary to speculations in some quarters, the President Muhammadu Buhari-led Federal Government will not divert the N2.4trillion capital project funds in the 2018 budget for political purposes in the coming 2019 general elections.
The Federal Government also assured that the 2018 capital budget of N2.4trillion would be strictly deployed to fund infrastructural projects across the country, particularly the completion of ongoing projects.
Minister of Finance, Mrs Kemi Adeosun, gave the remark while representing the vice president at a lecture delivered to Course 26 participants at the National Defence College (NDC) in Abuja.
In a statement issued by her spokesman, Mr. Oluyinka Akintunde in Abuja, Adeosun quoted the vice president as saying that the Federal Government’s capital budget would be strictly deployed to fund infrastructural projects across the country.
Osinbajo added that the Federal Government would retain the capital budget in spite of the forthcoming elections in the country.
The title of the lecture is “Economic Dimensions of National Security: The Nigerian Experience”.
While responding to an enquiry by a member of the NDC Course 26 on the use of the capital budget for the general elections, Osinbajo maintained that the incumbent administration would not engage in the diversion of the capital project funds for the forthcoming elections.
“The administration remains committed to infrastructure spending at the high levels of the past two years and the completion of major ongoing projects,” the statement said.
It also reiterated the commitment of the Buhari-led administration to its programme of transformation, jobs and wealth creation across the country.
Osinbajo, however, reiterated the Federal government’s resolve towards boosting the country’s economy through infrastructure development.
It would be recalled that President Muhammadu Buhari had on November 7, 2017, presented a budget of N8.612trillion to the National Assembly, with focus on massive infrastructure development which includes: key strategic roads, rail and power projects, among others.
Earlier in the lecture, Osinbajo said improvement in economic security was vital to Nigeria’s economic growth, human security and realisation of national defense and security requirements.
He assured that the Federal Government would continue to play a key role in ensuring national cohesion by promoting social inclusion as a key state objective.
“Economic development is a springboard for improved national security because it comes with growth which enables more resources for a growing population.
“National economic development means that a country can meet its national security needs without depending on outsiders for the provision of its defense and security needs.
“Depending on food and energy imports makes a nation vulnerable to external pressure,” he said.
Osinbajo said that the administration adopted the Economic Recovery and Growth Plan (ERGP) as a response to the recession toward restoring growth and reducing Nigeria’s vulnerability to external shocks.
He explained that the ERGP was initiated to address macroeconomic balance, increase contribution of agriculture, manufacturing, mining and high value services to the economy.
On the Social Investment Programme, Osinbajo revealed that about 200,000 N-Power Jobs had been created under the programme while 250 million meals had been served under the Home Grown School Feeding Programme.
He added that 300,000 micro loans had been issued under the Government Enterprise and Empowerment Programme.
Osinbajo expressed optimism about Nigeria’s economic outlook for 2018, noting that the Federal Government expects the economy to grow by 3.5 per cent.
“The inflation projection of 15.74 per cent by end of 2017 was achieved and there is good reason to believe that the ERGP target of 12.42 per cent by the end of 2018 can be achieved.
“With regard to foreign exchange reserves, the level of $40.3billion achieved by end January is already quite close to the amount of $43.53billion projected in the ERGP for the end of this year.
“Given the current state of the oil market, this is a target that can readily be achieved,” he said.