2016 Budget: FG Releases N1trn To MDAs

[caption id="attachment_18036" align="alignnone" width="750"]© PREMIUM TIMES / NANMrs. Kemi Adeosun, Nigeria’s Finance Minister[/caption]

Minister of Finance, Mrs. Kemi Adeosun, has stated that the Federal Government has so far released N1trillion capital votes for federal ministries, departments and agencies (MDAs) for the 2016 budget.

The figure represents the highest amount ever budgetary releases in Nigeria’s annual funding for capital projects by any administration.

“So far, N1trillion has been released on capital and this is the highest so far in the history of this country. With the current stability in oil price and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” she said.

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Adeosun made the revelation in an interactive session with members of the House of Representatives Tactical Committee on Recession in her office in Abuja.

According to her the amount was released for various projects, including the commencement of the construction of a dual standard railway line that would link Lagos and Kano; rehabilitation of roads, expansion of irrigation facilities to boost agriculture and the upgrading of aviation infrastructure throughout the country.

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She said that the components of the releases include aggregate releases to the MDAs of N870, 055, 792, 283.00 billion as at the end of February 2017 and additional  releases of N65, 393, 920, 000 billion.

Others were Manual Authority to Incur Expenditure (AIEs) in February 2017 in the sum of N11, 179, 173, 711.42 billion and an additional Manual AIEs worth N45, 804, 709, 077.20 billion as at March 13, 2017.

Mrs. Adeosun noted that the overall capital releases totalling N992, 433, 595, 071.42 billion have made impact on the Nigerian economy, by creating jobs, stimulating economic activities in communities and upgrading infrastructure, thereby improving the wellbeing of Nigerians.

She said: “We are determined to transform the economy and this is why we are focused on capital expenditure. If we have our rail, road and power, then we will be able to generate jobs and prosperity.”

This comes less than a week after the Federal Executive Council earmarked N80 billion for the reconstruction of 12 more major highways across the country.

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