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Nigeria Spends 58.7% Of N6.06 Trillion 2016 Budget

Nigerian Government said its has spent about N3.577 trillion, or 58.7 per cent of the N6.06 trillion 2016 budget. According to the Minister of Budget and National Planning, Udoma Udoma, the Federal Government has released the sectoral performance details of capital allocations in the 2016 Appropriation Act for the different ministries, departments and agencies (MDAs) as at the end of October.

The amount included a total of N2.44 trillion for capital, non-debt recurrent and service-wide vote expenditures, in addition to about N1.14 trillion, or 46.7 per cent paid out to service domestic and foreign debts. The total expenditure also included about N44billion transferred to the Sinking Fund to retire maturing obligations on bonds issued to contractors handling various projects across the country.

He said all the releases had been cash-backed. In terms of performance, the minister said this translated to 79 per cent, in terms of the pro-rated budget allocation for the three quarters up to September 30, 2016. Mr. Udoma described a total of N753.6 billion already released for capital expenditure in 2016 out of a total allocation of N1.8 trillion allocation approved for capital expenditure as the highest in the nation’s recent history, even in the era of low oil prices.

Details of the capital releases obtained from the Federal Ministry of Finance headquarters showed the Ministry of Power with the highest allocation of N209.25 billion, followed by defence (N69.5 billion), and transport (N30.54 billion). The Ministry of Agriculture has so far 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). The other ministries included science and technology (N6.68 billion), mines and steel development (N3.36 billion), petroleum resources (N2.414 billion) and other agencies (N312.5 billion).

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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