Breaking News

FG releases N336bn in first quarter

By Emma Ujah, Abuja Bureau Chief

The Federal Government has, to date, released N336 billion from the 2017 Budget to ministries, departments and agencies, MDAs, for funding of capital projects in the first quarter of 2017.

The balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned, according to the Ministry of Finance.

A statement by the Deputy Director, Press, Patricia Deworitshe, in Abuja, yesterday, said the Ministry of Power, Works and Housing received N90 billion, followed by Defence and Security, which got N71 billion, while Transport got N30 billion.

Further details showed that Agriculture received N30 billion and Water Resources got N12 billion. Allocations to other sectors made up the balance of N103 billion.

Minister of Finance, Mrs. Kemi Adeosun, said the prioritisation of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan, ERGP.

However, inquiries by Vanguard showed that it remains uncertain when the second quarter capital allocations will be released.


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