2016 Budget: FG releases N753bn for capital expenditure

Posted by News Express | 27 October 2016 | 2,581 times

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The Minister of Finance, Mrs Kemi Adeosun, and Minister of National Planning, Senator Udo Udoma, have appeared before the Senate Committee on Appropriation, to give a breakdown of the level of implementation of the 2016 budget in terms of releases.

Udo Udoma said so far N753 billion has been released for capital expenditure while N1.2 trillion is for personnel cost.

He said that the Federal Government is short of funding and has not been able to release 100% funds for overhead.

Senator Udoma stated that the Federal Government has only released up to eight months for overhead cost.

Mrs Adeosun said that although the government is recovering looted funds almost on a daily basis, it has been facing legal constraints in recovering looted funds stacked abroad.

•Adapted from a Channels TV report. Photo shows Udo Udoma.

Source: News Express

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