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FG: N739bn capital votes released to MDAs on Wednesday

Published on December 22, 2017

By admin

Kemi Adeosun, Finance Minister in Nigeria

The Minister of Finance, Kemi Adeosun had on Wednesday released N739 billion to the ministries, departments and agencies (MDAs) after the complaints of the law makers on the low implementation of the capital component of the 2017 Appropriation Act.

Appearing before the Senate Committee on Finance on Tuesday, Adeosun in a bid to defend her ministry’s estimate stated that an additional N750 billion had been released to support the N450 billion that was disbursed in June to increase the implementation level of the capital vote.

The lawmakers who looked unpleased with her declarations expressed their despair and described this year’s implementation of federal budgets as the worst because of its low-level implementation.

“The N750 billion released on Wednesday would jack up capital implementation to about 50% which is a good one for a budget that had only run for six months”, a finance ministry source added.

On the difference between the figure announced to the Senate N750 billion and the N739 billion, released as indicated on the memorandum sent by the minister, the source disclosed that the inequalities might have been a result of payments to institutions that carries a first line charge on the Consolidated Revenue Fund (CRF) of the Federation, including the judiciary and the legislature.

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