metro news

FG’s 2016 Capital Releases Hit N1.2tn

By  | 

By MARK ITSIBOR,

The Federal Ministry of Finance says the federal government has so far spent over N1.2 trillion for        capital projects under the 2016 budget plan.

According to a statement from the ministry, ministry of 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. These 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, the statement that was signed by the Director of information in the ministry, Salisu Dambatta said.

Dambatta quoted the Minister of finance, Mrs. Kemi Adeosun as saying that, “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,” she added.

Adeosun announced in March  this year that capital release to federal Ministries, Departments and Agencies (MDAs) for the 2016 budget had reached a record N1 trillion. A “feat” she said was unprecedented.

 

Leave a Reply

Your email address will not be published. Required fields are marked *