FG loses N1.1trn IGR in 2016

The Federal Government has disclosed that it managed to realise N398billion Internally Generated Revenue (IGR), out of a projection of N1.506trillion in 2016.
Specifically, this implies a shortfall of N1.1trillion from IGR of N1.506trillion in the year under review.
This is even as it revealed that as of March 2, 2017, N807billion has been released for capital expenditure for 2016.
This, the government explained, represents 55percent capital expenditure of N1,587,598,122,031.
Accountant General of the Federation, Ahmed Idris stated this in Abuja Thursday, at an interactive session with the Joint Senate and House Committees on Appropriations on the performance of the 2016 budget.
The N6,060,677,358,227 2016 budget, signed by President Muhammadu Buhari in May last year, is made up of Statutory Transfers (N351,370,000,000); Recurrent Expenditure (N2,646,398,236,196); Debt Service (N1,361,880,000,000); Sinking Fund to Retire Maturing Loans (N113,440,000,000) as well as Capital Expenditure (N1,587,598,122,031).
But Director General, Budget Office, Ben Akabueze told the panel that while Statutory Transfers, Personnel Expenditure, Debt Service and Sinking Fund have been achieved by 100percent, overhead and capital expenditures have percentage releases of 85 and 55percent respectively.
He expressed optimism that before the 2016 capital budget runs out by May this year, capital releases would have reach N1trillion.
But the member representing Aboh Mbaise/Ngor Okpala Federal Constituency, Bede Eke, accused the government officials of lying, insisting that capital releases was 45percent.
“We have been informed that for capital, we have done 55 percent. And so I just did a straight line calculation. At release of N870 billion, it would actually be about 45percent. 55percent would be slightly over N1trillion.
“I’m actually speaking to the integrity of the data that you have presented to this house. You might want to check those numbers and confirm and get back to us”, the lawmaker said.
At this point, Minister of State for Budget and National Planning, Zainab Ahmed, admitted the information provided were scanty and promised to provide details of the budget in the days ahead.
She explained that due to shortage of fund for the implementation of the budget, government priotize issuance of capital releases by focusing more on agriculture and mining sectors.

 

OWEDE AGBAJILEKE