Nigeria’s 2016 Capital Spending Hits Record $3.3 Billion

Capital released to Nigeria’s ministries and government agencies under the 2016 budget has reached a record 1 trillion naira ($3.3 billion), the finance minister said on Sunday.

Development in Africa’s largest economy has been stunted by a lack of much needed investment to improve its ailing road, rail and electricity network.

“So far, 1 trillion naira has been released on capital and this is the highest so far in the history of this country,” Kemi Adeosun said during a presentation to members of a committee of lawmakers from the lower chamber of parliament.

Adeosun, whose comments were detailed in an emailed statement, said the money was released for projects that included road improvements, expansion of irrigation facilities and the upgrading of the country’s aviation infrastructure.

“With the current stability in the oil price and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” said Adeosun, referring to militant attacks on oil facilities in the OPEC member’s energy hub.

The attacks last year cut crude production by more than a third at their peak. Lawmakers have said they aim to pass the 2017 budget by the end of March. Read more on this here.