FG Spent N1.3 trn on Cap­i­tal Projects in 2016 – Os­in­bajo

Sunday Trust - - FRONT PAGE - From Us­man A. Bello, Benin

The Vice Pres­i­dent, Prof. Yemi Osi­banjo, has said that the fed­eral gov­ern­ment spent N1.3 bil­lion on cap­i­tal projects in 2016.

Os­in­bajo, who spoke yes­ter­day in Benin dur­ing the foun­da­tion lay­ing cer­e­mony of the N200 bil­lion Benin In­dus­trial Park lo­cated at Iyanomo, said de­spite the 60 per cent drop in rev­enue earn­ings, the fed­eral gov­ern­ment was able to achieve a lot.

He stressed that the in­dus­trial park, when com­pleted would pro­duce a net­work of 600,000 in­dus­trial out­puts as well as pro­vide jobs for 170,000 di­rect and in­di­rect work­ers.

The vice pres­i­dent said the project is in line with the vi­sion of Pres­i­dent Muham­madu Buhari, adding that the in­dus­trial park and other parks that would be es­tab­lished would bridge the in­fra­struc­ture deficit in the coun­try.

“We have un­veiled our eco­nomic re­cov­ery and growth plan. We clearly spelt out the adop­tion of in­dus­trial park and spe­cial eco­nomic zone as pol­icy tool to gen­er­ate growth and di­ver­sify the Nige­rian econ­omy. The in­dus­trial park would help us bridge the in­fras­truc­tural gap, de­velop tar­geted sec­tor and can be used as test­ing ground for broader eco­nomic re­form ini­tia­tive,” he said.

Osi­banjo noted that Nige­ria’s growth and pros­per­ity would be driven by the pri­vate sec­tor, with the gov­ern­ment de­vot­ing its re­sources and po­lit­i­cal will to en­abling and am­pli­fy­ing the po­ten­tials of pri­vate cap­i­tal and re­mov­ing the ob­sta­cles that con­tin­u­ally test the re­solve of the pri­vate sec­tor.

On his part, Edo State Gov­er­nor God­win Obaseki said the project was in line with his cam­paign prom­ise of creat­ing 200,000 jobs. He said the in­dus­trial park de­signed by Me­hin­dra En­gi­neer­ing would be run un­der the Pub­lic Pri­vate Part­ner­ship and that the state gov­ern­ment’s share in it will not be more than 26 per cent.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.