The federal government has revealed that it has so far spent N3.577 trillion out of the full year budget of N6,060 trillion for the 2016 fiscal year. This was revealed by the ministry of budget and national planning on in a statement signed by James Akpandem, the media adviser to budget minister Senator Udoma Udo Udoma.
This amount of money, the statement said: “translates to a 79% performance of the prorated budget for the three quarters up to September 30, 2016. In addition to the total of N2,439.9trn so far released for Capital, Non-debt Recurrent and Service-wide Vote expenditures, a total of N1,137.7trn has also been paid out in domestic and foreign debt service expenditures. This includes N44bn transferred to the Sinking Fund to retire maturing obligations on bonds issued to contractors.”
It continued: “To date, budgeted personnel cost and debt service obligations have been fully met on schedule. Additionally, government has done reasonably well in the challenging circumstances with respect to capital expenditures. “It is noteworthy that the total amount of N753.6bn already released for capital expenditure in 2016 is the highest in the nation’s recent history, even in the era of high oil prices. Indeed, the capital releases to date exceed the aggregate capital expenditure budget for 2015 of N700bn, inclusive of capital expenditure in Statutory transfers.”
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