FG spends N1.2trn on 2016 capital budget ―Adeosun

Minister of Finance, Mrs. Kemi Adeosun

Ministry Total Capital Released (Cash Backed) Capital Allocated (Percentage of Total)

Power, Works & Housing 307,411,749,682 25%

Defence & Security 171,900,597,013 14%

Transport & Aviation 143,121,925,241 12%

Agriculture, and Water Resources 77,532,885,729 6%

Education & Health 56,270,030,992 5%

Others 463,234,558,786 38%

Total 1,219,471,747,443 100%

With the sun setting on 2016 budget of the Federal Government, Ministry of Finance on Thursday gave a sectoral breakdown of how it deployed N1.219 trillion to capital expenditure during the financial year.

According to Director of Information at the ministry Salisu Na’Inna Dambatta, Power, Works and Housing received the largest allocation of N307,411,749,682, followed by Defence and Security, N171,900,597,013 and Transport and Aviation, N143,121,925,241.

Other sectors were Agriculture and Water Resources; and Education and Health.

He said those sectors accounted for 62 per cent of total capital released. We have focused our capital spend on priority sectors to stimulate economic activities and job creation.

Quoting Finance minister Mrs Kemi Adeosun, Dambatta said: “Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, which is a reflection of our commitment to infrastructure development.”

These capital releases exclude the capital element in releases to statutory agencies such as the Independent National Electoral Commission (INEC) and the Judiciary.

As we go forward, the Government intends to attract private capital to compliment Government spending in these key areas.

S-Davies Wande