Capital projects: FG releases additional N300bn for 3rd quarter

Posted by admin Budget, Latest Politics Friday, August 17th, 2012

THE Federal Government, on Thursday, announced the release of additional N300 billion for 2012 third quarter capital, bringing the total money released in the 2012 budget for capital projects to N704 billion.

Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, while briefing the media in Abuja, also put 2012 budget implementation at 65.4 per cent.

Dr Okonjo-Iweala described the release as a demonstration of the federal government desire to achieve a better budget implementation this year.

She added that with the release of the fund, the president and the executive were demonstrating that they were forging ahead, with a view to ensuring that funds were available for ministries, departments and agencies (MDAs) to be able to execute capital projects.

According to the minister, “with this release, we have now released N704 billion for capital projects. We had earlier released N404 billion. With this additional N300 billion, that brings us to N704 billion, which is about 53 per cent of the annual capital budget of N1.36 trillion.

“We should note that based on what we had released before, the implementation had got up to 56 per cent at the end of June. At the end of July, implementation of the N404 billion is now at 65.4 per cent, so it has gone up. And on top of that, we are now releasing this additional N300 billion for the third quarter.”

While expressing satisfaction with the performance of the budget, the minister said “it is not surprising, as last year’s budget was extended till March 31 this year,” but assured that with the early commencement of 2013 budget, its implementation will end by December 2013.”

via Tribunewp_posts