By Baron Ike
The federal government has extended the implementation of the 2016 budget to May, pending the passage of the 2017 appropriation bill before the National Assembly and assent by the President.
The Minister of Finance, Kemi Adeosun, said on Thursday, March 30 in Abuja that the tenure of the capital elements of the 2016 Budget had been extended till May 5.
A statement by the Ministry’s Director of information, Salisu Dambatta explained that the extension would last till May pending the passage of the 2017 Budget, whichever was the earlier.
Adeosun said that the extension was to ensure the completion of on-going projects, urging the Federal Ministries, Departments and Agencies (MDAs) to take note of the new development.
The minister had earlier said that the capital releases to MDAs for the 2016 budget had reached a record N1trillion out of the budgeted N1.6 trillion.
She expressed confidence that the Federal Government would be able to achieve more from the 2017 budget with the current stability in oil price and the return of normalcy in the Niger Delta region.