3 months after: FG releases N336bn capital budget

MORE than three months after the 2017 budget was signed into law by Vice President Prof Yemi Osinbajo, the Federal Government says it has released a total of N336 billion from the 2017 capital budget to ministries, departments and agencies (MDAs).

A statement issued by Deputy Director of Press in the Ministry of Finance, Patricia Deworitshe, a balance of N14bn was as at Tuesday being processed, pending resolution of some formalities within the agencies concerned.

In the budget signed on June 12, total capital expenditure stands at N2.177 trillion, out of which the Ministry of Power, Works, and Housing will receive N553.713 billion; Ministry of Transportation, N241.709 billion; Ministry of Defence, N139.294 billion; Ministry of Water Resources, N104.245 billion; Ministry of Agriculture, N103.793 billion; Ministry of Industry, N81.726 billion; Ministry of Interior, N63.760 billion; and Ministry of Education, N56.72 billion.

Other items under capital expenditure include: Special Intervention Programme, N150 billion; Zonal Intervention Projects, N100 billion; North-East Intervention Fund, N45 billion; and Payment of Local Contractors’ debts/Other Liabilities, N20 billion.

The statement explained that Power, Works and Housing received the largest allocation of N90 billion; followed by Defence and Security which got N71 billion; while Transport got N30 Billion.

Furthermore, Agriculture received N30 Billion and Water Resources got N12Billion.

Other sectors combined, received a total sum of N103 Billion.

Quoting Minister of Finance, Mrs Kemi Adeosun, Daworishe said “the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan (ERGP).

“She said, in 2017, the Federal Government will continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation.

“Despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development”, the Minister said.