6.6 TRILLION BUDGET: Federal Government Has Released N2.5trn So Far From The 2016 Budget

The Senate was told yesterday that the Federal Government has so far released a total of N2.5 trillion from the 2016 budget, which is N6.6 trillion.

Disclosing this yesterday when he appeared before the Senate Committee on Appropriations, Minister of Budget and National Planning, Senator Udoma Udo Udoma said the total release represented 35 percent of cash backing for implementation of provisions contained in the budget.Also speaking during the briefing, Minister of Finance, Mrs. Kemi Adeosun, who also appeared before the Committee along side Senator Udo Udoma, said the Federal Government had concluded plans to drag directors and heads of some revenue generating agencies that have been found to have inflated their expenses before the Economic and Financial Crimes Commission (EFCC).
The Minister, who noted that the government had been receiving looted funds into its purse daily, however said she could not at the moment announce the figure.
Adeosun, who gave a breakdown of the releases so far to include the sum of N753 billion for capital votes; N117 billion for statutory transfers;N135 billion for service wide votes; N108 billion for overheads, while consolidated Pensions stood at N142 billion and personnel costs totalled N1.2 trillion, stressed that the government was facing an uphill task retrieving looted funds from outside the country.She said: “The process of recovering looted fund is ongoing, money comes on daily basis. We have not recovered much foreign money. It is a little more difficult.” The Minister told the committee that government was still awaiting the final works on the loan being sought from China. Chairman of Senate Committee on Appropriations, Senator Danjuma Goje told the Ministers that his committee was satisfied with the implementation of 2016 budget so far. 


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