Home BANKING & FINANCE Federal Govt Releases N336 Billion Capital Funds To Ministries, Departments, Agencies

Federal Govt Releases N336 Billion Capital Funds To Ministries, Departments, Agencies

Finance Minister, Kemi Adeosun
Finance Minister, Kemi Adeosun

The Federal Government has, to date, released N336 billion from the 2017 Budget to Federal Ministries, Departments and Agencies for the funding of capital projects in the first quarter of 2017.
The minister of Finance, Kemi Adeosun, who made this known today, Tuesday, in Abuja, said that the balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned.
She said that Power, Works and Housing received the largest allocation of N90 billion, followed by Defence and Security, which got N71 billion, while Transport got N30 billion.
According to Adeosun, Agriculture received N30 billion while Water Resources got N12 billion even as other sectors combined received a total sum of N103 billion.
The Minister said that the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan.
Adeosun said that the Federal Government will continue to focus on capital expenditure spending on priority 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.”[myad]