Nigeria’s Minister of Finance, Kemi Adeosun, said in Abuja on Tuesday that the Federal Government has released a total of 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) capital cost to Ministries, Departments and Agencies (MDAs) in the 2017 federal budget.
“The N1,580,270,755,084.44 total capital released for 2017 was remarkably higher than the N1,219,471,747,443.00 total capital released for 2016,” Adeosun said.
Adeosun explained that in the 2017 capital released, Power, Works and Housing received the highest allocation of N523,011,701,723.25 which was 33.10 per cent of the total capital released, adding that the sector also received the highest releases in the 2016 capital budget, totalling N307,411,749,682.00 (25.21 per cent) of the 2016 capital budget.
Said the minister: “Defence and Security received the second highest capital of N197,596,016,072.02 (12.50 per cent) in 2017, as against N77,532,885,729.00 (6.36 per cent) total releases the sector received in 2016.
“Agriculture and Water Resources received a total of N149,485,276,897.37 (9.46%) in 2017. The sector had received N143,121,925,241.00 (11.74%) of the capital releases in 2016. Transportation received a total of N126,253,042,607.50 (7.99%) of the 2017 capital releases as against the N171,900,597,013.00 (14.10%) in 2016.
“Health and Education together received a total of N98,190,277,285.69 (6.21%) for 2017 as against N56,270,030,992.00 (4.61%) the sectors received in 2016.”
Other sectors combined, according to Adeosun, received a total of N485,734,440,498.61, which was 30.74 per cent of the 2017 capital releases.
According to Adeosun, in 2016, a total of N463,234,558,786.00 (37.99 per cent) was disbursed to these sectors.
Despite the economic challenges in 2017, the Federal Government was able to fully cash-back the capital releases, Adeosun said.
The minister further explained that the sustained high allocations to key sectors was a reflection of the Federal Government’s commitment to infrastructure development in the country.
She said that the Federal Government was working to attract private capital to complement government spending in the key areas