2017 Capital Expenditure To Hit N440.9b In Few Days – Finance Minister
The Finance Minister, Mrs Kemi Adeosun says 340.9 billion Naira has been released from the 2017 budget for capital expenditure.
Mrs Adeosun gave the figure at a meeting with the Senate on Wednesday.
The Senate had at resumption from recess invited the Minister of Finance and that of Budget to brief them on the implementation of the 2017 budget.
At the Meeting, Mrs Adeosun said an additional 100 billion Naira has been made available from the recently concluded Sukuk bond which was over-subscribed.
From a breakdown of the 2017 budget given by the Minister of Budget and National Planning, Senator Udo Udoma, there is a proposed Capital expenditure of 2.24 trillion Naira which is 30.7% of the budget inclusive of statutory transfers.
After the meeting with the Senate, Mrs Adeosun posted a tweet on her twitter handle.
Yesterday the Economic Mgt Team (EMT) met @NGRSenate to provide an update on the performance of the 2017 Budget. We've so far released N340.9 billion for capital expenditure; another 100bn due for release this week. pic.twitter.com/BUBymkRu9U
— Kemi Adeosun (@HMKemiAdeosun) October 4, 2017
Here is a breakdown of the budget, as given by Senator Udoma last year after the presentation of the budget.
2017 Budget Expenditure Proposals – Where The Money is Going
The 2017 Budget has an outlay of 7.298 trillion Naira. This represents an increase of 20.4% over the 2016 budget provision of 6.06 trillion Naira. The details are:
Statutory transfers of 419.02 billion Naira.
Debt service of 1.66 trillion Naira (22%);
Sinking fund of 177.46 billion Naira (2.4%) to retire certain maturing bonds;
Non-debt recurrent expenditure of 2.98 trillion Naira (40.8%); and
Capital expenditure of 2.24 trillion Naira (30.7%) inclusive of statutory transfers.
Watch: Biafra War Veterans Speak About Their Horror Experience