The Minister of Budget and National Planning, Udoma Udoma, said recurrent releases to Federal Ministries, Departments and Agencies (MDAs) under the 2017 budget had reached N4.24 trillion.
Mr. Udoma said this on Wednesday in Abuja while giving an overview of the 2018 Budget Proposal tagged “Budget of Consolidation”.
He gave a breakdown on recurrent and capital releases to MDAs from January to September under the 2017 Appropriation Act.
A breakdown of the non-debt recurrent expenditure showed that personnel costs including pension and gratuities had so far gulped N1.85 trillion, while N138 billion had been released to MDAs to cover their overhead costs.
Mr. Udoma also said that Service Wide Votes, the Social Investment Programme and the Presidential Amnesty Programme gulped N689.7 billion between January and September this year.
He said that so far, N1.54 trillion had been used for debt service obligations.
Mr. Udoma said that because the government was concerned with the welfare of its workers, it made it a priority to start paying arrears of personnel emoluments going back to 2012.
On releases for capital projects, Mr. Udoma said that N450 billion had been released as at October 2017.
“Spending on capital projects has been prioritised in favour of critical ongoing infrastructure projects such as power, roads, rail and agriculture.
“The N100 billion Sukuk Bond raised in October for instance was deployed to the construction of 25 roads around the country,” he said.
Mr. Udoma recalled that while the releases for the recurrent component of the budget started in January 2017, the capital releases did not commence until the budget was signed in June, 2017.
He also said that releases for capital projects were being delayed as they were designed to be funded by borrowings, hence as the planned borrowings materialised, spending would be stepped up.
Latest Nigeria News
- Mugabe Resigns: Remembering Five Of His Greatest Moments
- SOS: This Is The Best Sleeping Position For Pregnant Women
- Dog Ownership: This Is Another Reason Why You Need A Dog Around You
- Betting in Nigeria – By The Numbers
- 5 Things To Note From That Confusing President Mugabe Speech
- Kofi Kinaata: All You Need To Know About The Fante Rap God
- These Three African Empires Shocked The World
- A Brief History Of Famous African Coups And Their Endings
- Emmerson Mnangagwa: 6 Reasons Zim’s Interim President Is Called The Crocodile
- Pope Francis’ Lamborghini And His Problem With Luxury Toys
- Funny Wisdom Quotes That Will Make Your Day
- Eddy Kenzo: BET Award Winner Bags The Best East African Male Artiste Award
- Zimbabwe Military Takeover: Everything You Need To Know About The Bloodless Transition
- This Is Why Ghana Police Service Is One Of The Best In Africa
- Shatta Wale: 10 Lesser Known Facts About The Ghanaian Producer
- Victor Moses: 5 Latest Facts About The International Star
- Bisa Kdei: 10 Lesser Known Facts About The Ghanaian Singer
- Mabior Garang: Top 5 Facts About The Minister Of Water Affairs In Sudan
- African Masks: Types And Interesting Facts About Them
- Get To Know The Political Term Limits In Various African Countries
- Ifeoma Fafunwa: Nigerian Woman Making A Difference With Creative Arts
- Is Nigeria’s Energy Industry Finally Rising Out of the Ashes?
- Global Citizen Forum: Akon Is Awarded For The Lighting Africa Initiative
- Chantel Dartnall: SA Female Chef Named The Best In The World
- Thieves On The Chest
- Black Face complains: ''2face owes me money, and he won't pay back''
- Steady rise in prostitution despite ban in Abuja
- Mercy Johnson And Tonto Dike In A War Of Words
- Video Of Nigerian Lawmakers In A Bloody Fight
- Miss Unizik Nude Photos Leaked By Ex-Boyfriend
- Big Boy: Ice Prince Wears Same Givenchy Shirt As P Diddy To BET Awards
- Shameful - Iyanya Tattooed Yvonne Nelson's Name On His Wrist
- 2 Unilag Students Dead, 3 Others Almost Dead After Fatal Car Accident [Photos]
- Omotola Poses For THISDAY Style Photoshoot
- Hot or Not? - Genevieve's Dress To Ebony Life TV Launch
- Celestial Church Prophet Owolere Odunuga Jailed In Kirikiri Over Visa Fraud
- ASUU Embarks on a Total and Indefinite Nation-wide Strike from 1st July
- Super Eagles’ Handler: Keshi or foreign coach?
- 11 Burnt To Death In Ibadan Auto Accident
- Former Nollywood Actress Eucharia Anunobi In Senegal For 7-Day Crusade