FG Extends 2016 Capital Budget Implementation to May 5

• FG Extends 2016 Capital Budget Implementation to May 5

The Federal Government on Thursday extended the implementation of the capital component of the 2016 budget from March 31 to May 5, or till the passage of the 2017 budget, whichever is earliest.

The Ministry of Finance said in a statement that already, the Accountant-General of the Federation, Alhaji Idris Ahmed, had issued a circular to all Ministries, Departments and Agencies of government to inform them of the extension.

The extension, it was learnt, was to enable the MDAs to utilise the about N1tn so far released for capital expenditure.

Adeosun had on Sunday said that the components of the releases included aggregate sum of N870.05bn to the MDAs as of the end of February 2017, and additional releases of N65.39bn.

Others are Authority to Incur Expenditure in February 2017 in the sum of N11.17bn and an additional AIE worth N45.8bn as of March 13, 2017.

Meanwhile, the government has announced the composition of the board and management of the newly licensed Development Bank of Nigeria, with the appointment of Mr. Tony Okpanachi as the managing director/chief executive officer.

Before his latest appointment, Okpanachi was the Deputy Managing Director of Ecobank Nigeria Limited. Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia).

He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.

A seasoned banker with over 26 years’ experience, Okpanachi holds a Master degree in Business Administration from the Manchester Business School, United Kingdom, and a Master of Science degree in Economics from the University of Lagos.

He will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba; and Chief Risk Officer, Mr. Olu Adegbola.

A statement from the Director of Information in the Ministry of Finance, Mr. Salisu Dambatta, said the Board members included the Chairman, Dr. Shehu Yahaya (who was the interim managing director of the DBN and a former Executive Director, African Development Bank); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority, Uche Orji; and Mohammed Kalif of the AfDB.

Independent directors of the DBN are the immediate past Group Managing Director/CEO of United Bank for Africa Plc, Mr. Philips Oduoza; President and CEO, African Finance Corporation, Mr. Andrew Alli; Chairman, FBN Merchant Bank, Alhaji Bello Maccido; Founder/Managing Director, JNC International Limited, Mrs. Clare Omatseye; and Managing Director, CEO Excel Professional Service Limited, Mr. Oladimeji Alo.