FG Made N1.2trn Capital Releases in 2016 – Finance Ministry

67307

As the 2016 fiscal year closes, the Federal Ministry of Finance says N1.2 trillion capital releases have been made in line with government’s increased focus on capital expenditure.

The Director of Information, Salisu Dambatta, in a statement on Thursday, said power, construction and housing sectors got the largest share of the releases made in 2016.

He said the Federal Government’s ability to cash-back capital releases of N1.2 trillion was a reflection of its commitment to infrastructure development

“The following releases were made: Power, Works and Housing received the largest allocation of N307.4 billion.

“This is followed by Defence and Security, N171.9 billion and Transport and Aviation, N143.12 billion.

“Other sectors were Agriculture and Water Resources; and Education and Health,” it stated.

Mr. Dambatta said the sectors accounted for 62 per cent of total capital released as the priority sectors to stimulate economic activities and job creation.

He said that the capital releases excluded the capital element in releases to statutory agencies such as the Independent National Electoral Commission (INEC) and the Judiciary.

He said that the government was making effort to attract private capital to compliment government spending in the key areas.

It will be recalled that President Muhammadu Buhari had presented a 2016 budget proposal of N6.07 trillion.

Nigeria’s 2016 Budget was based on a crude oil benchmark price of 38 dollars per barrel and a production estimate of 2.2 million barrels per day for 2016.

Capital Expenditure was estimated to be N1.8 trillion while non debt recurrent expenditure was N2.65 trillion.

9 COMMENTS

  1. I desired to thank you a lot more for this incredible website you have
    developed here. It’s really is stuffed with useful tips for
    all those who are truly interested in this subject matter, particularly this very post.

  2. Y᧐u’re so awesome! I don’t bеlieve I have read through a single thing like this
    before. So good to find someone with a few unique
    thoughts on this subjeсt. Reaⅼly.. many thanks for starting thіs up.
    This websіte is one thing that’s needed оn the internet,
    someone with somе originality!

LEAVE A REPLY

Please enter your comment!
Please enter your name here