Power ministry receives 33% capital budget in 2017
Over 33percent of total funds released for capital projects in the 2017 fiscal year was expended on projects under the Ministry of Power, Works and Housing, the federal government has disclosed.
According to the ministry of finance, the sector received the highest amount of N523.01billion from the N1.580trillion released for capital projects to all its Ministries, Departments and Agencies.
The sector also received the highest release in the 2016 capital budget of N307.41billion, representing 25.21percent of the entire capital budget for the year.
The Minister of Finance, Mrs Kemi Adeosun, who gave a breakdown of the capital cost for the year, noted that the N1.58trillion total capital releases for 2017 were remarkably higher than the N1.219trn released for 2016 by N360.799billion.
She said defence received the second highest capital release of N197.59billion, which was 12.50percent of the total N1.58trillion released for 2017. This was N120.06billion higher than the N77.53billion that the sector got from the 2016 budget.
Agriculture and Water Resources got N149.485billion (9.46 percent) in 2017. The sector had received N143.121billion which was 11.74percent of the capital cost released in 2016.
Transportation followed with total capital receipt of N126.25billion, which was 7.99 pe cent of the 2017 capital budget as against the N171.9billion that the sector got in 2016.
Meanwhile health and education together received a total of N98.19billion, representing 6.21percent of the capital budget released for 2017, as against N56.27billion they got for 2016.
She said the other sectors combined, received N485.734billion which was 30.74percent of the 2017 capital releases. In 2016, a total of N463.23billion was disbursed to these sectors.
Adeosun noted that “despite the economic challenges experienced in 2017, the Federal Government was able to fully cash-back the capital releases.
“The sustained high allocations to key sectors were a reflection of the Federal Government’s commitment to infrastructure development in the country,” she said.
The finance minister added that the Federal Government was working assiduously to attract private capital to complement its spending in the key areas.