…N1.21trn in 2016, N1.58trn, 2017
Despite challenges occasioned by economic recession, the Federal Government has released a total of N2.29 trillion in the last two years.
Minister of Finance, Mrs Kemi Adeosun, who made this known in Abuja on Tuesday ahead of President Muhammadu Buhari signing of the 2018 budget into law today, said that N1,580,270,755,084.44 (One trillion, five hundred and eighty billion, two hundred and seventy million, seven hundred and fifty-five thousand, eighty-four naira, forty-four kobo) was released to Ministries, Departments and Agencies (MDAs) from the 2017 federal budget for capital projects.
Mrs. Adeosun, noted that the sum was N361 billion higher than the N1,219,471,747,443.00 release for 2016.
She said that in the 2017 capital releases, Power, Works and Housing received the highest allocation of N523,011,701,723.25 which was 33.10% of the total capital releases, adding that the sector also received the highest releases in the 2016 capital budget, which was a total of N307,411,749,682.00 (25.21%) of the 2016 capital budget.
According to the minister, Defence and Security received the second highest capital releases of N197,596,016,072.02(12.50%) in 2017, as against N77,532,885,729.00 (6.36%) total releases the sector received in 2016.
Agriculture and Water Resources received a total of N149,485,276,897.37 (9.46%) in 2017. The sector had received N143,121,925,241.00 (11.74%) of the capital releases in 2016.
Transportation received a total of N126,253,042,607.50 (7.99%) of the 2017 capital releases as against the N171,900,597,013.00 (14.10%) in 2016.
Health and Education together received a total of N98,190,277,285.69 (6.21%) for 2017 as against N56,270,030,992.00 (4.61%) the sectors received in 2016.
Other sectors combined received a total of N485,734,440,498.61, which was 30.74% of the 2017 capital releases. In 2016, a total of N463,234,558,786.00 (37.99%) was disbursed to these sectors.
The Minister said despite the economic challenges in 2017, the Federal Government was able to fully cash-back the capital releases.
She further stressed that the sustained high allocations to key sectors was a reflection of the Federal Government’s commitment to infrastructure development in the country.
The Minister said that the Federal Government was working assiduously to attract private capital to complement government spending in these key areas.