MDAs Got N336b Capital Funds In Q1 2017 – FG

The Federal Government says a total of N336 billion has been released to Federal Ministries, Departments and Agencies, MDAs, for the funding of capital projects in the first quarter of 2017.

Kemi Adeosun, Minister of Finance, who made the disclosure said an additional N14 billion is being processed, pending resolution of some formalities within the agencies concerned.

Breaking down the allocation, the minister said Power, Works and Housing received the largest allocation of N90 billion, while Defence and Security got N71 billion.

Furthermore, Transport got N30 billion, Agriculture and Water Resources received N30 billion and N12 billion respectively. Other sectors combined got a total of N103 billion.

Adeosun said the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan.

She assured 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,” the Minister said.