The Nigeria’s Federal Government yesterday disclosed it released ₦336 billion as first quarter 2017 capital expenditure for federal Ministries, Departments and Agencies (MDAs).
A statement from the Finance Ministry, said that the balance of N14 billion was being processed, pending resolution of some formalities within the agencies concerned.
According to the statement, the Ministry of Power, Works and Housing received the largest allocation of ₦90 billion; followed by Defence and Security which got ₦71 billion; while Transport got ₦30 billion.
The breakdown also showed that Agriculture Ministry received ₦30 billion while Water Resources got ₦12 billion. Other sectors combined, received a total sum of ₦103 billion.
The statement quoted the Minister of Finance, Mrs. Kemi Adeosun, as saying that the prioritisation of the release of the funds was in tandem with the objectives of the Economic Recovery and Growth Plan (ERGP). She said, in 2017, the Federal Government will 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 statement noted.