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Economy

Ministry of Power, works and housing gets highest allocation in Nigeria

Mr Akpandem James, Media Adviser to Minister for Budget and National Planning, said the Ministry of Power, Works and Housing got the highest allocation of N117.9 billion from a total of N331.5 billion for capital projects in the first and second quarters by Federal Government.

James said this on Monday in Abuja that it was the highest funds given to any ministry from the first and second quarters of 2016.

He added that the amount represented 46 per cent of the released capital votes.

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He noted that as at July 18, N253.4 billion that was released to key sectors of the economy, was exclusive of share of capital component in statutory transfers.

The breakdown also showed that defence and security was allocated N51.1 billion, while the transportation sector got N23.5 billion and the agriculture sector got N21.6 billion from the votes.

The Special Intervention Programme of the Federal Government was allocated N15 billion.

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The Ministry of Niger Delta was allocated N8.2 billion while the Ministry of Water Resources got N5.9 billion and the education sector got N1.1 billion.

Other federal ministries, departments and agencies that were not specified, were allocated N5.2 billion while the Presidential Intervention for the North East was allocated N3.4 billion.

NAN reports that the Vice President, Prof. Yemi Osinbajo, recently said that another N100 billion would be released soon to fund power, housing, transport, agricultural and defence projects.

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NAN recalls that President Muhammadu Buhari, while presenting the Appropriation Bill to the National Assembly in December 2015, said that capital expenditure for the 2016 budget had increased from N557 billion in 2015 to N1.8 trillion.

He also said that it was a sign of government’s commitment to sustainable development.

The appropriation bill of N6.06 trillion was signed into law by President Buhari on May 6.

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