2016 budget: FG releases N2.5 trillion

MINISTER of Budget and National Planning, Senator Udoma Udo Udoma, has said the Federal Government has, so far, released the sum of N2.5 trillion in the 2016 budget

Minister of Finance, Mrs Kemi Adeosun, who also appeared before the Senate Committee on Appropriations alongside Udo Udoma, said the Federal Government was probing some revenue generating agencies which were found to have inflated their expenses.

She said the agencies would soon be referred to the Economic and Financial Crimes Commission (EFCC).

The minister stated that the government had been receiving looted funds into its purse daily, adding, however, that she could not announce the figure immediately.

She gave a breakdown of the releases so far as including the sum of N753 billion for capital votes; N117 billion for statutory transfers; N135 billion for service wide votes; N108 billion for overheads, while consolidated pension stood at N142 billion and personnel costs totalled N1.2 trillion.

She said the government was facing an uphill task retrieving looted funds from outside the country.

The minister told the committee that the government was still awaiting the final works on the loan being sought from China.

Chairman of Senate Committee on Appropriations, Senator Danjuma Goje, told the ministers that his committee was satisfied with the implementation of 2016 budget so far.