The Federal Government has, to date, released a total of Three Hundred and Thirty-Six Billion Naira (N336bn) from the 2017 Budget to Federal Ministries, Departments and Agencies (MDAs) for funding of capital projects in the first quarter of 2017.. The balance of N14bn is being processed, pending resolution of some formalities within the agencies concerned.
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.
Minister of Finance, Mrs. Kemi Adeosun 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.