FG Releases N1.6Trn For Capital Projects In 2017 Budget

Kemi Adeosun, Minister of Finance
Kemi Adeosun, Minister of Finance

The Federal Government has released N1.6 trillion (N1,580,270,755,084.44) capital cost to Ministries, Departments and Agencies for the 2017 federal budget.

Kemi Adeosun, Minister of Finance, who stated this said N1.6 trillion total capital released for 2017 is higher than the N1.2 trillion (N1,219,471,747,443.00) total capital released for 2016.

In the 2017 capital released, Power, Works and Housing received the highest allocation of N523,011,701,723.25 or 33.10 per cent of the total capital released. The sector also received the highest released in the 2016 capital budget, which was a total of N307,411,749,682.00 (25.21 percent) of the 2016 capital budget.

Defence and Security received the second highest capital releases of N197,596,016,072.02 (12.50 per cent) in 2017, as against N77,532,885,729.00 (6.36 per cent) the sector received in 2016.

Agriculture and Water Resources got a total of N149,485,276,897.37 (9.46 per cent) in 2017. The sector had received N143,121,925,241.00 (11.74 per cent) of the capital released in 2016. Transportation received a total of N126,253,042,607.50 (7.99 per cent) of the 2017 capital released as against the N171,900,597,013.00 (14.10 per cent) in 2016.

Health and Education together received a total of N98,190,277,285.69 (6.21 per cent) for 2017 as against N56,270,030,992.00 (4.61 per cent) the sectors received in 2016.

Other sectors combined received a total of N485,734,440,498.61, which was 30.74 per cent of the 2017 capital releases. In 2016, a total of N463,234,558,786.00 (37.99 per cent) was disbursed to these sectors.

Adeosun noted that despite the economic challenges in 2017, the Federal Government was able to fully cash-back the capital released.

She added that the sustained high allocations to key sectors were a reflection of the Federal Government’s commitment to infrastructure development in the country.

The minister said that the Federal Government was working assiduously to attract private capital to complement government spending in these key areas.