2016 Budget: FG Releases N 2 .5trn

By Ikenga Chronicles October 28, 2016

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has disclosed that the Federal Government has released the sum of N2.5 trillion in the course of implementing the 2016 budget. Udoma made this known while addressing the Senate Committee on Appropriation yesterday.

This is followed by the revelation of the Minister of Finance, Kemi Adeosun, that some revenue generating agencies inflated their expenditure figures, threatening that directors of the agencies involved would soon be made to appear before the Economic and Financial Crimes Commission (EFCC).

Adeosun, who appeared alongside Udoma to brief the committee on releases made on the 2016 budget so far, also told the committee that the looted funds were coming into government purse. The minister, however, failed to state the actual amount recovered so far by the government.

Giving the breakdown of releases on 2016 budget, she said that N753 billion was released for capital, N117 billion for statutory transfer, N135 billion for service wide vote, N108 billion was released for overhead, and N142
billion for consolidated pension while total releases on personnel was N1.2 trillion.

Adeosun informed the committee on the obstacles faced by Nigerian government on the stashed loot in Switzerland and the United States of America.

She said: “The process of recovering looted funds is an ongoing process; money comes on a daily basis. We have not recovered much from abroad. It is a little more difficult.”

Adeosun also said that the Federal Government was still waiting for the finalisation of funding rail project in Nigeria by NEXIM bank in China.

Chairman of the committee, Senator Danjuma Goje, expressed satisfaction with the implementation of 2016 budget
and urged the ministers not to renege on the tempo.

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