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"2016 budget: FG has released N2.5trn" - Adeosun, Udoma

Senate was told yesterday that Minister of Budget and National Planning, Senator Udoma Udo Udoma told the senate that the Federal Government has so far released a total of N2.5 trillion from the 2016 budget, N6.6 trillion; he mentioned this when he appeared before the Senate Committee on Appropriations.

Also speaking during the briefing, Minister of Finance, Mrs. Kemi Adeosun, who also appeared before the Committee alongside Senator Udo Udoma, said the Federal Government had the total release represented 35 percent of cash backing for implementation of provisions contained in the budget and 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.

 

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.

Photo Credit: 
newmail-ng.com

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