Political News

How N336billion was disbursed to Ministries for capital projects

Minister of Finance, Mrs. Kemi Adeosun

The Ministry of Finance on Tuesday says that it disbursed N336billion in the first quarter of 2017 for capital projects.

Out of the sum for the first quarter, only N14billion remained as stated by the Finance Ministry spokesperson, Patricia Deworitshe. She added that the N14billion will be released subsequently upon resolution of some formalities within the agencies concerned.

Out of the first quarter capital project, Mr. Babatunde Fashola’s Ministry, Power, Works and Housing, received N90billion, while Mr. Rotimi Amaechi’s Transport Ministry received N30billion.

The Ministry of Defence received N71billion, while the Ministry of Agriculture got N30billion.

Ministry of Water Resources received N12billion and other sectors combined got a total of N103billion.

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According to the Minister of Finance, Mrs. Kemi Adeosun, the releases were prioritized in accordance with the objectives of the Economic Recovery and Growth Plan (ERGP).

She added that in 2017, the Federal Government will focus on capital expenditure spending on more important 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”, she said.

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