President Muhammadu Buhari has ordered the release of N3.94 trillion that was provided for the implementation of capital projects by MDAs in the 2021 fiscal year.
The President made this announcement during the 2022 Budget signing ceremony at the State House, Abuja on Friday.
The President signed the N17.127trn Budget in the presence of key government officials
The President said despite the lingering adverse effects of the pandemic, he was happy with the success recorded in the implementation of the 2021 Budget.
‘‘The sum of N3.94 trillion that was provided for the implementation of capital projects by MDAs during the fiscal year has been released fully.
‘‘To enable MDAs to complete the implementation of their 2021 capital projects and optimise the impact of the capital budget on the economy, they have been allowed to continue to expend the funds released for their 2021 capital budgets till 31st March, 2022,’’ he said.
The President commended the understanding and speedy action of the National Assembly on this matter.
‘‘As the 2022 Budget will be the last full year budget to be implemented by our Administration, its effective implementation is very critical for delivering our legacy projects, promoting social inclusion and strengthening the resilience of the economy.
‘‘The Ministry of Finance, Budget and National Planning will implement all measures required to ensure timely and targeted release of capital votes.
‘‘All MDAs are to effect early commencement of project implementation, while ensuring productive use of funds provided for achievement of the objectives set for their sectors.
‘‘Considering the incidence of new COVID-19 variants globally, we will ensure timely implementation of measures provided for in the 2022 Budget to contain the spread of the virus and protect our people.
‘‘We continue to count on the collaboration of the State governments in our effort to protect the lives and livelihood of our people.’’
To achieve the laudable objectives of the 2022 Budget, President Buhari pledged that the Federal Government would further intensify revenue mobilisation efforts.
He expressed optimism in the ability of the Government to finance the budget considering the positive global oil market outlook and the continuing improvement in non-oil revenues.
‘‘To achieve our revenue targets, revenue generating agencies, and indeed all MDAs must ensure prompt and full remittance of collected revenues.
‘‘Relevant Agencies must also ensure the realisation of our crude oil production and export targets.
‘‘I also appeal to our fellow citizens and the business community at large to fulfil their tax obligations promptly.
‘‘However, being a deficit budget, the specific Borrowing Plan will be forwarded to the National Assembly shortly.
‘‘I count on the cooperation of the National Assembly for a quick consideration and approval of the Plan when submitted.
‘‘All borrowings will be judiciously utilised and invested in our future growth and prosperity.’’
The President also directed MDAs to liaise with the Bureau of Public Enterprises and/or the Infrastructure Concession and Regulatory Commission to explore available opportunities for public-private partnerships, concessions as well as climate finance arrangements to fast-track the pace of infrastructural development.
He thanked the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, and all who worked towards producing the 2022 Appropriation Act.
‘‘Let me conclude by commending the understanding, sacrifice and resilience of our people during these challenging times.
‘‘As a Government, we remain committed to improving the general living conditions of our people.
‘‘We will continue to implement measures aimed at moderating the unintended negative effects of policies on the citizenry,’’ he said.