The federal government has released a total of N336billion to federal ministries, departments and agencies (MDAs) for funding of capital projects in the first quarter of 2017.
“The balance of N14billion is being processed, pending resolution of some formalities within the agencies concerned,” deputy director of information in the ministry of finance, Patricia Deworitshe, said in a statement.
Power, works and housing received the largest allocation of N90 billion, followed by defence and security which got N71 billion, while transport got N30 billion. Furthermore, agriculture received N30 billion and water resources got N12 billion. Other sectors combined, received a total sum of N103 billion, the statement said.
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).
She said, in 2017, the federal government would continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation.
“Despite fiscal constraints, the federal government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development,” the minister was quoted by the statement.
