We Have Exceeded N1.2trn Of 2016 Capital Vote – FG

The Federal Government on Thursday confirmed they have exceeded N1.2 trillion of the total capital expenditure for the 2016 fiscal year.

The Capital Vote which was proposed for N1.75 trillion in 2016, had 70 per cent released as of May 6, 2017 when the budget circle ended.

This was made known in a statement signed by the Director of Information, Salisu Na’inna Dambatta yesterday in Abuja.

According to Dambatta, the Ministry of Power, Works and Housing with N307,411,749,682,  (25%) got the largest share of the capital expenditure releases made for 2016.

Giving the breakdown of the amount spent, Minister of Finance Kemi Adeosun, said N1.2 trillion releases was the highest ever in the history of capital projects.

Defence and Security, followed with N171,900,597,013 and Transport and  Aviation, N143,121,925,241.

Other sectors were Agriculture and Water Resources, N77,532,885,729; and Education and  Health, N56,270,030,992. These sectors account for 62 per cent of total capital released.

The minister said, “We have focused our capital spending on priority sectors to stimulate economic activities and job creation.”

The details showed that the other sectors received N463,234,558,786 or 38% of the total allocation.

“Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, 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 (INEC) and the Judiciary.

“As we go forward, the Government intends to attract private capital to compliment Government spending in these key areas,”  the minister said.