The Federal Government yesterday disclosed that it has so far released a total of N331.58 billion towards the implementation of capital projects in the 2016 budget in the last three months. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a town hall meeting in Abuja.
The special town hall meeting was organised by the Ministry of Information in collaboration with the Alumni Association of the National Institute for Policy and Strategic Studies (AANI). The theme of the meeting was: “Towards Effective Implementation of the 2016 Budget.” Udoma said that the bulk of the capital releases was for power, works and housing projects which gulped over N100 billion.
Other releases made during the same period included Defence and Security, N60 billion; Transportation, N23 billion; Agriculture, N21 billion; Special Intervention Programme, N15 billion; Niger Delta, N8.2 billion and Water Resources, N 5.9 billion, among others. Acknowledging the low performance of the budget vis-a-vis public expectations, Udoma explained that government had been facing serious challenges in terms of revenue shortfalls.
He said that though government got its key projections on the budget right, the crash in the price of crude oil and the disruption in oil production owing to the militancy in the Niger Delta have not helped matters.