The Federal Government says it will today begin to release N350 billion earmarked for capital projects contained in the 2016 budget. Budget and National Planning Minister, Udoma Udo Udoma, disclosed this at the Presidential Villa in Abuja yesterday while presenting the 2016 budget breakdown and the strategic implementation plan.

"We're ready to kick start the implementation of the budget and by tomorrow (Friday), some releases will be made for capital projects that are ready for execution," he said. Udoma said the budget was guided by the 2016-2018 Medium Term Expenditure Framework and Fiscal Strategy Paper aimed at reflating and repositioning the economy.

According to him, the budget is predicated on an oil production benchmark of 2.2million barrels per day at $38 per barrel and average exchange rate of N197 to a dollar. Highlights of major projects presented indicated that a sum of N132.4 billion would be spent on 14 road and bridge projects across the six geo-political zones this year.

They are dualisation of Kano-Maiduguri Road (sections i-iv), N13bn, N40bn for Lagos-Ibadan Expressway, N8.7bn for reconstruction and pavement strengthening of sections of Benin-Sagamu Expressway, N14.2bn for construction of Oju/Loko Oweto Bridge, N13bn for concession of Second Niger Bridge, N6bn for dualisation of Odukpani-Itu-Ikot Ekpene Road in Cross River and Akwa Ibom states.

Others are N4.4bn for rehabilitation of Ilorin-Jebba-Mokwa-Bokani Road, N8.8bn for rehabilitation of Sokoto-Tambuwal- Kotangora-Makira Road, N2.8bn for completion of Gombe-Numan-Yola Road Phase II, N5bn for rehabilitation of Apapa-Oshodi-Oworoshoki Road, N2.6bn for dualisation of Kano-Katsina Road Phase I, N6bn for dualisation of Ibadan-Ilorin Road Section II, N5.5bn for rehabilitation of Enugu-Onitsha Road and N2bn for dualisation of Sapele-Agbor-Ewu Road Section I.

He said the budget would be implemented under six major intervention areas in the Strategic Implementation Plan including policy environment, national security and governance; economic diversification; priority critical infrastructure; oil and gas reforms; ease of doing business and social investment.

Udoma, who assured that the government would ensure effective implementation of the budget, said: "The capital spending envisaged in this budget, large though it is, represents only a part of the spending required to meet our ambitious plans for Nigeria."

The minister said in order to develop the economy, the government would need the active involvement of the private sector.

"Government can show the way and help to create the enabling environment, but it is the private sector that is the primary engine of development of this country," he said.

Other major projects contained in the 2016 budget are:

Power Projects

several projects designed to optimize and deliver consistently 7,000mw of power, highlights of which are:

N5.5bn for construction of 215MW Gas Power Plant

N1.2bn for construction of 2X60MVA Connection of Gurara to National Grid

N235.7m for coal to power development in Enugu, Benue, Gombe and Kogi

N303.9m for the completion of ongoing construction of ITC/TDN and installation of injection and distribution substations

N305.3m for completion of small scale renewable energy power plants development

N1.1bn for the generation of 700MW from Zungeru hydro power project

N324.2m for completion of rural electrification scheme in 23 communities in Ondo

N250.7m for completion of ongoing electrification project in Kano state

Railway projects

several projects with a view to building a national rail network to move goods/people across the country, among which are:

* N8.5bn for the completion of Itakpe-Ajaokuta-Warri 326KM Rail Track and structures

* N18.3bn for the completion of Abuja (Idu) - Kaduna 186.5KM Single Track Rail line

* N60bn counterpart funding for Lagos-Kano standard Guage Rail line

* N60bn counterpart funding for Calabar -Lagos Standard Guage rail line

* N3.2bn for provision of power, water, station building, fence, etc for rail lines