Thursday, December 12, 2019

Nigerian govt. releases N1.580trn capital cost to MDAs for 2017

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The Nigerian government has announced that a total of N1,580,270,755,084.44 (One trillion, five hundred and eighty billion, two hundred and seventy million, seven hundred and fifty-five thousand, eighty-four naira, forty-four kobo) capital cost was released to Ministries, Departments and Agencies for the 2017 federal budget.

The Minister of Finance, Mrs. Kemi Adeosun made this known in Abuja on Tuesday.

The N1,580,270,755,084.44 total capital releases for 2017 is remarkably higher than the N1,219,471,747,443.00 total capital releases for 2016.

In the 2017 capital releases, Power, Works and Housing received the highest allocation of N523,011,701,723.25 which was33.10% of the total capital releases. The sector also received the highest releases in the 2016 capital budget, which was a total of N307,411,749,682.00 (25.21%) of the 2016 capital budget.

Defence and Security received the second highest capital releases of N197,596,016,072.02(12.50%) in 2017, as againstN77,532,885,729.00 (6.36%) total releases the sector received in 2016.

Agriculture and Water Resources received a total of N149,485,276,897.37 (9.46%) in 2017. The sector had receivedN143,121,925,241.00 (11.74%) of the capital releases in 2016. Transportation received a total of                                     N126,253,042,607.50 (7.99%) of the 2017 capital releases as against the          N171,900,597,013.00 (14.10%) in 2016.

Health and Education together received a total of N98,190,277,285.69 (6.21%) for 2017 as against N56,270,030,992.00 (4.61%) the sectors received in 2016.

Other sectors combined received a total of N485,734,440,498.61, which was 30.74% of the 2017 capital releases. In 2016, a total of N463,234,558,786.00 (37.99%) was disbursed to these sectors.

The Minister of Finance, Mrs. Kemi Adeosun, said despite the economic challenges in 2017, the Federal Government was able to fully cash-back the capital releases.

She further stressed that the sustained high allocations to key sectors was a reflection of the Federal Government’s commitment to infrastructure development in the country.

The Minister said the Federal Government was working assiduously to attract private capital to complement government spending in these key areas.

Source: FMF

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