FG Releases Q3 Capital to Ministries

The Federal Government has released a fresh ₦250billion to Ministries, Departments and Agencies for the implementation of their third quarter capital projects captured in the 2013 budget yesterday.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the release in a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu, that the fresh ₦250billion brings the total capital releases to ₦850billion as the ministry had earlier released the sum of ₦400billion and another ₦200billion to the MDAs in the first and second quarters, respectively. And so far, about 71% utilisation rate of the released funds for capital projects had been attained by the MDAs.

The 2013 budget made a provision for an aggregate expenditure of ₦4.987trillion, representing an increase of 6.2% over the ₦4.697trillion appropriated for 2012, this is made up of ₦387.97billion for statutory transfers; ₦591.76billion for debt service; and ₦2.38trillion for recurrent (non-debt) expenditure, of which ₦1.717trillion was for personnel cost, while overhead cost was to gulp ₦208.9billion.

Similarly, a total of ₦1.62trillion had been provisioned for capital expenditure, in addition to ₦273.5billion budgeted for the Subsidy Reinvestment and Empowerment Programme, the gross federally collectible revenue was projected at ₦11.34trillion, of which the total revenue available for the Federal Government’s budget was ₦4.1trillion.