(Ecofin Agency) - The Nigerian Minister of Finance, Kemi Adeosun (photo), has disclosed plans by the Federal Government to increase the spending on infrastructure from 10% to 30% this year. “We will now target 30% of government expenditure on infrastructure, up from 10 percent,” she said.

Adeosun added that the Federal Government is willing to increase spending on major infrastructures such as power, rail, roads and water, as they would aid growth in priority sectors, particularly in Agriculture and Agro-Allied, Solid Minerals and Manufacturing.

According to her, this will also assist in job and wealth creation, strengthen economic development across all states, unlock Nigeria’s economic potential, and lay a foundation for economic competitiveness and long-term future growth.

The Minister added that the Government would assemble private capital to balance government’s spending on infrastructure. “We recognize that government spending alone will be inadequate to bridge the infrastructure gap and we have started engaging the private sector through our housing fund and the road trust fund for which fundraising is in progress,” she said.

Anita Fatunji