The Minister of Finance, Budget and National Planning, Zainab Ahmed, has explained that the Federal Government has planned to spend over N3.5tn on infrastructural projects and human capital development in 2022.
She disclosed this on Tuesday 22 February, at a Town Hall meeting in Abuja on the achievements of the federal government in infrastructural development.
She stressed that good quality infrastructure is important, not only to engender and accelerate economic growth but also to ensure and enhance inclusive growth for all within a nation space.
Zainab Ahmed explained that about N1.42tn will be spent on infrastructure while human capital development will gulp up N2.11tn in 2022 alone, stressing that the present administration will continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.
“This Administration will continue to prioritize spending on infrastructure and human capital to catalyze rapid economic development.
“In 2022 alone, we planned to spend about N1.42 trillion on infrastructure and N2.11 trillion on human capital development”. She stated.
Ahmed stated that between 2019 and 2021, President Muhammadu Buhari approved 33 road projects for construction under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme RITCS, where a sum of N78bn worth of tax credits was issued to investors under the scheme within the period.
“Since the inception of the RITCS, the President has approved 14 additional roads, bringing the total to thirty-three (33) Road Projects, covering a total length of 1,564.95 km as of 2021.
“These additional projects are in 19 States across the six (6) geo-political zones in the country. In the last three years (2019 – 2021), about N78 billion worth of tax credits has been issued to investors under the RITCS. In addition, the NNPC is to finance the construction of 21 roads across the country.
Ahmed recalled that the RITCS, launched in 2019 was planned to leverage private sector capital and expertise to construct, repair and maintain critical road infrastructure in key economic corridors and industrial clusters in Nigeria.