Capital releases exceeded N1.2trn in 2016 – FG

Nigeria’s finance ministry said on Thursday that the federal government released and cash-backed N1.2 trillion for 2016 capital spending as the year’s budgetary year closes.

The finance ministry in a statement released on Thursday said the elevated releases is in line with the Federal Government’s increased focus on capital expenditure.

The figures released by the ministry indicated that while Power, Works and Housing got the largest allocation of N307, 411, 749, 682, representing 25% of the total allocation, Education and Health ranked the least at 5% with N56, 270, 030, 992 allocation.

Defence and  Security got N171, 900, 597, 013 representing 14% while Transport and  Aviation, got N143, 121, 925, 241 which is 12% of the total allocation.

Agriculture and water resources cash backed on N77, 532, 885, 729, which is 6% and other sectors got 38% of the allocation at N463, 234, 558, 786, a total of N1,219,471,747,443.

The ministry further informed that, the allocation represents an indication of the Federal Government’s focus on priority sectors to stimulate economic activities and job creation.

According to Kemi Adeosun, Minister of Finance, despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2trillion, which is a reflection of its commitment to infrastructure development.

These capital releases however, exclude the capital element in releases to statutory agencies such as the Independent National Electoral Commission (INEC) and the Judiciary.

She further revealed that the Government intends to attract private capital to compliment Government spending in these key areas.

 

Seyi Anjorin, Abuja