Home / Nigerians Trending News Today / Buhari Finally Gives Account Of How He Spent 2016 Budget

Buhari Finally Gives Account Of How He Spent 2016 Budget

President Muhammadu Buhari, through the Minister of Budget and National Planning, Udoma Udoma, has released sectoral ‎details of how Ministries, Department, and Agency, MDAs, gulped the 2016 budget.

According to Udoma, the sectoral performance details of capital allocations in the 2016 Appropriation Act for the different MDAs as at the end of October, showed that the federal government ‎had spent about N3.577 trillion, or 58.7 percent of the N6.06 trillion 2016 budget.

The breakdown showed that ‎a total of N2.44 trillion was spent on  capital projects, non-debt recurrent and service-wide vote expenditures, in addition to about N1.14 trillion, or 46.7 percent paid out to service domestic and foreign debts.

The ‎expenditure also included about N44 billion transferred to the Sinking Fund to retire maturing obligations on bonds issued to contractors handling various projects across the country.

Although, Nigerians have complained that they haven’t seen ‎any remarkable project the All Progressive Congress, APC, Government has started and commissioned over a year in office, the federal government has consistently insisted that it has released more funds for capital projects across the country, higher than any previous government.

Based on Udoma’s statement, all the releases made so far‎ had been cash-backed.

Speaking on performance level, ‎the minister reiterated that the figure so far released represent 79 percent, in terms of the pro-rated budget allocation for the three quarters up to September 30, 2016.

He emphatically, ‎described the total N753.6 billion already released for capital expenditure out of the total allocation of N1.8 trillion allotted and approved for capital expenditure as the highest in the nation’s recent history, despite experiencing the lowest era of low crude oil prices.

‎Further details of the capital releases from the Federal Ministry of Finance headquarters showed that the Ministry of Power, had the highest allocation of N209.25 billion, followed by Defence N69.5 billion, and Transport N30.54 billion.

The Ministry of Agriculture also received N29.58 billion; Water Resources! N25.2 billion; Interior, N21.2 billion; Health, N18.47 billion; Education, N16.74 billion and Niger Delta N8.16 billion.

While ‎other Ministries like Science and Technology got N6.68 billion, Mines and Steel Development, N3.36 billion, Petroleum Resources, N2.414 billion and other agencies a total of N312.5 billion.

The post Buhari Finally Gives Account Of How He Spent 2016 Budget appeared first on Post-Nigeria.

Source: Trending news today



About Breaking News

Check Also


NAIJ Weekly Price Check: Finally, prices of different commodities crash amid recession worries

Post Views: 37 – As prices of basic staple food items in major markets in …

Leave a Reply

%d bloggers like this: