2016 budget: N1.2tn Released for Capital Projects

bondsMinister of Finance, Kemi Adeosun
  • 2016 budget: N1.2tn Released for Capital Projects

The Federal Government said it released a total of N1.2tn to finance capital projects as contained in the 2016 budget.

The figure was released by the Ministry of Finance through a statement issued by the Director of Information, Salisu Dambatta.

The N6.06tn 2016 budget, which closed on May 6, 2017, had a capital vote of N1.58tn, which was about 26 per cent of the total budget size.

The statement said the releases were made in line with government’s increased focus on capital expenditure, adding that power, works and housing received the largest allocation of N307.41bn.

These were followed by defence and security, N171.9bn; and transport and aviation, N143.12bn.

Other sectors that received huge amounts, according to the statement, are agriculture, water resources, education and health, which accounted for 62 per cent of total capital released.

The statement quoted the Minister of Finance, Mrs. Kemi Adeosun, to have said, “Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2tn, 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 and the judiciary. As we go forward, the government intends to attract private capital to compliment government spending in these key areas.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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