ASSETS & FINANCIALS

2016 budget: N1.2tn released for capital projects

2016 budget: N1.2tn released for capital projects
Minister of Finance, Mrs. Kemi Adeosun

The Federal Government said it released a total of N1.2tn to finance capital projects as contained in the 2016 budget.

The figure was released by the Ministry of Finance through a statement issued by the Director of Information, Salisu Dambatta.

The N6.06tn 2016 budget, which closed on May 6, 2017, had a capital vote of N1.58tn, which was about 26 per cent of the total budget size.

The statement said the releases were made in line with government’s increased focus on capital expenditure, adding that power, works and housing received the largest allocation of N307.41bn.

These were followed by defence and security, N171.9bn; and transport and aviation, N143.12bn.

Other sectors that received huge amounts, according to the statement, are agriculture, water resources, education and health, which accounted for 62 per cent of total capital released.

The statement quoted the Minister of Finance, Mrs. Kemi Adeosun, to have said, “Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2tn, which is a reflection of our commitment to infrastructure development.

“These capital releases exclude the capital element in releases to statutory agencies such as the Independent National Electoral Commission and the judiciary. As we go forward, the government intends to attract private capital to compliment government spending in these key areas.”

mms plus

Copyright MMS Plus. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from Kings Communications Limited.

Related Articles

One Comment

  1. Simply want to say your article is as astonishing. The
    clarity on your post is simply great and that i could suppose you are
    an expert on this subject. Fine with your permission allow me to
    take hold of your RSS feed to keep up to date with coming near near post.

    Thank you a million and please carry on the rewarding work.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
× Get News Alert