2017 Budget: Capital Spending In Excess Of 1.5tr – Adeosun

The Minister of Finance, Kemi Adeosun, says the capital expenditure for the 2017 fiscal year was in excess of N1.5 trillion.

Adeosun made the disclosure in a statement on Sunday.

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The latest figure exceeds the N1 trillion capital spending made in 2016.

According to her, the 2017 expenditure covered five key areas, namely power, works and housing (N301.89 billion), defence (N151.2 billion), agriculture (N119.9 billion) transport (N127.9 billion). Other sectors took a total of N547.6 billion.

“I’m pleased to note that we’re going to close the 2017 budget with capital spending in excess of N1.5 Trillion, which is higher than what we achieved in the 2016 budget. We’re also looking forward to the passage of the 2018 budget by @nassnigeria (National Assembly,” she tweeted.

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Recall that the minister in March projected capital expenditure closing at around N1.3 trillion or above.

The senate had in May 2017 passed the N7.44 trillion ‘Budget of Recovery & Growth’ presented by President Muhammadu Buhari.

The sum of N2.36 trillion was earmarked for capital expenditure in the 2017 Budget. This indicates that the N1.5 trillion capital spending is still less than 70 per cent of the budgeted capital expenditure.

The Senate had last week said the 2018 Appropriation Bill will be passed on Wednesday, May 16, 2018.

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