By MARK ITSIBOR,
The Federal Ministry of Finance says the federal government has so far spent over N1.2 trillion for capital projects under the 2016 budget plan.
According to a statement from the ministry, ministry of Power, Works and Housing received the largest allocation of N307,411,749,682, followed by Defence and Security, N171,900,597,013 and Transport and Aviation, N143,121,925,241.
Other sectors were Agriculture and Water Resources; and Education and Health. These sectors accounted for 62 per cent of total capital released. We have focused our capital spend on priority sectors to stimulate economic activities and job creation, the statement that was signed by the Director of information in the ministry, Salisu Dambatta said.
Dambatta quoted the Minister of finance, Mrs. Kemi Adeosun as saying that, “Despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, which is a reflection of our commitment to infrastructure development.”
These capital releases exclude the capital element in releases to statutory agencies such as the Independent National Electoral Commission (INEC) and the Judiciary.
“As we go forward, the Government intends to attract private capital to compliment Government spending in these key areas,” she added.
Adeosun announced in March this year that capital release to federal Ministries, Departments and Agencies (MDAs) for the 2016 budget had reached a record N1 trillion. A “feat” she said was unprecedented.
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