12 May 2017

Nigeria: 2016 Budget - Works Gets Lion Share As FG Releases N1.2tn Capital Vote

Photo: Daily Trust
(file photo).

Abuja — As the capital component of the 2016 budget completed it cycle on May 5, 2017, the Ministry of Finance disclosed thursday that it had so far released N1.2 trillion of the N3trillion capital vote to various ministries, departments and agencies (MDAs) of the government.

According to a statement issued by the Director of Information) on the ministry, Mr. Salisu Na'Inna Dambatta, the 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 /Aviation, N143,121,925,241.

Others are Agriculture and Water Resources; Education and Health.

The statement said the aforementioned MDAs accounted for 62 per cent of total capital released, adding that the government had focused capital spend on priority sectors to stimulate economic activities and job creation.

Quoting the Minister of Finance, Mrs. Kemi Adeosun, the statement said: "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."

The statement added that the 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, " the statement added.

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