President Muhammadu Buhari, through the Minister of Budget and National Planning, Udoma Udoma, has released sectoral details of how Ministries, Departments, and Agencies, MDAs, gulped the 2016 budget.
The breakdown, showed that a total of N2.44 trillion, was spent on capital projects, non-debt recurrent, and service-wide vote expenditures, in addition to about N1.14 trillion, or 46.7 percent, paid out to service domestic and foreign debts.
The expenditure also included about N44 billion, transferred to the Sinking Fund, to retire maturing obligations on bonds issued to contractors handling various projects across the country.
Although, Nigerians have complained that they have not seen any remarkable project the All Progressive Congress, APC, government has started, and commissioned over a year in office, the Federal Government has consistently insisted that it has released more funds for capital projects across the country, higher than any previous government.
Based on Udoma’s statement, all the releases made so far, had been cash-backed.
Speaking on performance level, the Minister reiterated that the figure so far released, represent 79 percent, in terms of the pro-rated budget allocation, for the three quarters, up to September 30, 2016.
He emphatically, described the total N753.6 billion already released for capital expenditure, out of the total allocation of N1.8 trillion allotted and approved for capital expenditure, as the highest in the nation’s recent history, despite experiencing the lowest era of low crude oil prices.
Further details of the capital releases from the Federal Ministry of Finance headquarters, showed that the Ministry of Power, had the highest allocation of N209.25 billion; followed by Defence, N69.5 billion; and Transport, N30.54 billion.
The Ministry of Agriculture also received N29.58 billion; Water Resources, N25.2 billion; Interior, N21.2 billion; Health, N18.47 billion; Education, N16.74 billion; and Niger Delta N8.16 billion.
While other Ministries like Science and Technology got N6.68 billion; Mines and Steel Development, N3.36 billion; Petroleum Resources, N2.414 billion; and other agencies a total of N312.5 billion.
President Buhari Gives Account Of How He Spent The 2016 Multi-Trillion Naira Budget Reviewed by Link Naija on 08:32 Rating: