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FG releases N1.2trn 2016 capital vote

By Emma Ujah, Abuja Bureau Chief

ABUJA—The Federal Government has released a total of N1.2 trillion for capital projects in the 2016 fiscal year, which ended last week.

Kemi Adeosun

According to the Federal Ministry of Finance, Ministry of Power, Works and Housing received the largest allocation of N307,411,749,682.

It said Defence and Security came second with N171,900,597,013, while Transport and Aviation got N143,121,925,241.

Minister of Finance, Mrs. Kemi Adeosun, said the decision to increase funding of capital projects was in line with government’s increased focus on expenditure development across the nation.

She said: “Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, which is a reflection of our commitment to infrastructure development.

“We have focused our capital spending on priority sectors to stimulate economic activities and job creation.”

Other sectors that received significant allocations of the 2016 capital were Agriculture and Water Resources, Education and Health.

According to the minister, the sectors accounted for 62 per cent of total capital released.

She said the N1.2 trillion capital releases excluded the capital element in releases to statutory agencies such as the Independent National Electoral Commission, INEC, and the Judiciary.

 

 

 

 

 

 

 

 

 

 

 

 

 


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