The Federal Government on Tuesday announced the release a total of N336 billion to fund the capital component of the 2017 Budget.
This is coming three months after the 2017 appropriation Act was signed and following widespread public outcry for government to stimulate the economy.
The Ministry of Finance, in a statement on Tuesday said the N366 billion was released to Federal Ministries, Departments and Agencies (MDAs) for funding of capital projects in the first quarter of 2017, while the balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned.
Giving a breakdown of the allocations, the ministry said that Power, Works and Housing received the largest allocation of N90 billion; followed by Defence and Security which got N71 billion; while Transport got N30 Billion. Furthermore, Agriculture received N30 Billion and Water Resources got N12Billion. Other sectors combined, received a total sum of N103 Billion.
Minister of Finance, Mrs. Kemi Adeosun said the prioritization of the release of available funds was made in accordance 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 Minister said.