Infrastructure get N1.580Trn In 2017.
BARBARA BAKO, Abuja.
Ahead of the assent and implementation of the 2018 budget, Nigerian government says it spent N1.58trillion in 2017 to revive old infrastructure and build new ones to improve the country’s economy and ultimately, the standard of living.
The beneficiaries’ sectors are power, housing, and works. Others are defence and securities, agriculture, water resources, health, transportation and education.
Nigeria prepares for 2019 polls and it is time to once again woo votes using its improvement of infrastructure as the lure.
Earlier, the Fiscal Responsibility Commission (FRC) released its reports for 2016 reeling out figures to back up the federal government’s claim on infrastructure.
According to the Commission, N1.219 trillion of the N1.58 trillion allocated for capital expenditure in 2016 was cash backed indicating 97.75 per cent performance.
Comparing the Muhammadu Buhari’s Administration with its predecessor, the Goodluck Jonathan administration, the Commission noted that the N1.58 trillion appropriated in 2016 was N1.03 trillion more than N557 billion appropriated in 2015.
Of the N557 billion appropriated for capital expenditure in 2015, N387.3 billion was released and cash backed but N362.3 billion was actually spent indicating 65 per cent budget performance.
Minister of Finance, Mrs. Kemi Adeosun in her report on Tuesday said the N1,580,270,755,084.44 total capital releases for 2017 is remarkably higher than the N1,219,471,747,443.00 total capital releases for 2016.
Of the total 2017 capital releases, Power, Works and Housing received the highest allocation of N523,011,701,723.25 representing 33.10 percent. The sector also received N307,411,749,682.00, the highest in the 2016 capital budget, representing 25.21 percent.
Defence and Security trailed with N197,596,016,072.02 or 12.50 percent in 2017 up from N77,532,885,729.00 or 6.36 percent of total releases in 2016.
Agriculture and Water Resources received a total of N149,485,276,897.37 (9.46%) in 2017. The sector had receivedN143,121,925,241.00 (11.74%) of the capital releases in 2016. Transportation received a total of N126,253,042,607.50 (7.99%) of the 2017 capital releases as against the N171,900,597,013.00 (14.10%) in 2016.
Health and Education together received a total of N98,190,277,285.69 (6.21%) for 2017 as againstN56,270,030,992.00 (4.61%) the sectors received in 2016.
Other sectors combined received a total of N485,734,440,498.61, which was 30.74% of the 2017 capital releases. In 2016, a total of N463,234,558,786.00 (37.99%) was disbursed to these sectors.
The Minister of Finance, Mrs. Kemi Adeosun, said despite the economic challenges in 2017, the Federal Government was able to fully cash-back the capital releases.
She further stressed that the sustained high allocations to key sectors was a reflection of the Federal Government’s commitment to infrastructure development in the country.
The Minister said the Federal Government was working assiduously to attract private capital to complement government spending in these key areas.
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