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Finance This is how N1.5 trillion was released to Nigerian ministries, departments from 2017 budget

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Nigeria's Finance Minister has disclosed that Nigerian ministries, departments and agencies got over N1.5 trillion from the 2017 budget.

This is what Nigerian ministries, agencies got from 2017 budget play

Nigeria's Finance Minister has disclosed that Nigerian ministries, departments and agencies got over N1.5 trillion from the 2017 budget.

 

  • Nigeria's Finance Minister has said that the sum released for ministries, departments and agencies in the 2017 federal budget was higher than the released funds in 2016.

  • Adeosun said a total of N1.5 trillion have been released to Nigerian ministries, departments, and agencies, MDAs.


A total of N1.5 trillion have been released to Nigerian ministries, departments, and agencies, MDAs, from the 2017 federal budget.

The country’s Minister of Finance, Kemi Adeosun made public the amounts allocated to each ministry, federal departments and agencies.

Speaking on the sum released for the MDAs, Adeosun said: “Total Capital cost released to Ministries, Departments, and Agencies in the 2017 federal budget was One trillion, five hundred and eighty billion, two hundred and seventy million, seven hundred and fifty-five thousand, eighty-four naira, forty-four kobo (N1,580,270,755,084.44).”

The former Managing Director of Quo Vadis Partnership also noted that the sum released for the 2017 federal budget was higher than the released funds in 2016.

“The N1,580,270,755,084.44 in total capital releases for 2017 is higher than the N1,219,471,747,443.00 total for 2016,” Adeosun said.

ALSO READ: What we know about Nigeria’s 2018 budget after President Buhari signed it

The Peoples Democratic Party (PDP) has said that President Buhari lacks the capacity to implement the 2018 budget play

The 2018 budget has been recorded as the longest budget in the history of Nigeria to be passed by legislative and signed into law by the President.

(The Trent)
 

Breakdown of what ministries, departments and agencies got

Power, Works & Housing: N523,011,701,723.25 (33.10% of total)

Defence & Security: N197,596,016,072.02 (12.50%)

Agric & Water Resources: N149,485,276,897.37 (9.46%)

Transportation: N126,253,042,607.50 (7.99%)

Health & Education: N98,190,277,285.69 (6.21%)

Adeosun also commended the President Muhammadu Buhari led administration saying the government was able to fully cash back the highest capital releases ever in the country despite economic challenges. 

ALSO READ: How we have been running Nigeria’s fiscal operations - Kemi Adeosun

I'm pleased to note that despite the economic challenges in 2017, the Nigerian Government was able to fully cash-back the capital releases - the highest ever - and in doing so we have fully demonstrated the Muhammadu Buhari Administration's commitment to infrastructure development.

“We will continue to work to attract private capital to complement government spending in these key areas of infrastructure and human capital development,”  the Finance minister said.