N336bn Released for Capital Projects – Adeosun

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Nigeria's Finance Minister, Kemi Adeosun

The Federal Government says it has released N336 billion to its Ministries, Departments and Agencies for the execution of capital projects in the first quarter of 2017.

The Minister of Finance, Mrs. Kemi Adeosun, who confirmed the release in a statement issued on Tuesday, said the amount was for the first quarter of this year.

The 2017 budget was presented to the National Assembly on December 14, 2016, and passed by the lawmakers on May 11, 2017.

Given that N2.18 trillion was earmarked for capital expenditure for the year 2017, it’s third quarter of the year and the Federal Government has a pending balance of N1.84 trillion to release.

The fiscal document, which was signed into law then by Acting President Yemi Osinbajo on June 12, 2017, had a total expenditure of N7.44tn out of which N2.99tn was for non-debt recurrent spending, N2.36tn for capital expenditure, while debt servicing was to gulp N1.66tn.

Adeosun said while the ministry had earlier announced that N350bn would be released, the sum of N336bn had been made available to the Ministries, Departments and Agencies of government.

Adeosun said the priority on 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 would continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation.

The 2017 budget is N7.44 trillion with statutory transfer projections of N434. 41 billion, N1.84 trillion for Debt Servicing and N177.46 billion for Sinking Fund from maturing bonds.

Recurrent expenditure was projected at N2.99 trillion; capital expenditure, N2.18 trillion, and provision of N2.36 trillion was made for fiscal deficit, with deficit to Gross Domestic Product (GDP) put at 2.18 per cent.