New Telegraph

Capital projects: Budget Office confirms release of N2.5trn

The Fderal Government has confirmed the release of N2.5 trillion for capital projects as part of execution of the 2021 budget as of September, 2021. The Director-General, Budget Office of the Federation (BOF), Mr. Ben Akabueze, who confirmed the sum released to our correspondent on phone, said it cash backed.

The N2.51 trillion represents 85 pet cent of the provision for MDAs’ capital, and N40.51billion as government owned enterprises’ capital expenditure. Of the expenditure component, N3.42 trillion was for debt service, and N2.89 trillion for personnel cost,including pensions.

The sum realesed as of September was higher than the N1.3 trillion released in August. The DG Budget said government was comiitted to executing capital projects captured in the budget. In terms of revenue performance, the Federal Government’s retained revenue was N4.56 trillion, 75 pet cent of target as of September. Of the sum, the Federal Government’s share of oil revenue was N845 billion (representing 56.3% performance of the prorated sum in the 2021 budget) while non-oil tax revenue totalled N1.31 trillion (117.3% over and above the target). Company Income Tax (CIT) and Value Added Tax (VAT) collections were N616 billion and N274.4 billion, representing 121 per cent and 153 per cent respectively of the prorata targets for the period. Customs collections was N418.97 billion.

Other revenues amounted to N2.28 trillion, of which FGN Independent revenues was N807.43 billion, while GOEs’ retained revenues was N982.7 billion. Meanwhile, the DG Budget dismissed the claim that some MDAs had opted out of the envelope budget. Describing such as “wishful thinking,” he explained that no country in the world administered an open ended budget system, adding that a budget is an estimate worked out based on anticipated resources available to the government.

Read Previous

New Telegraph visits Bab-Es-Salam Orphanage Home, presents gift

Read Next

Nigeria to receive $17.6bn inflows –World Bank

Leave a Reply

Your email address will not be published. Required fields are marked *