The Federal Executive Council (FEC), on Wednesday directed Ministries, Departments and Agencies (MDAs), to fast-track the release of their capital budgets to quickly reflate the economy.
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, announced this to State House correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo in Abuja.
“The focus of our deliberation today at the FEC was a review of the economy which we do from time to time.
“On a quarterly basis, the Ministry of Budget and National Planning briefs the cabinet about the economy and the steps that we need to take.
“Council approved that the various MDAs should fast-track the processes for release of their capital budget so that the economy can be quickly reflated’’, he said.
According to him, the administration’s promise to release N350 billion into the economy was undergoing some process, adding that while it was easy to release for ongoing projects, new ones would pass through procurement laws.
“The N350 billion indicated is available but there is a process and this is part of the reasons we briefed council. (dp)
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