2017 budget: Nigerian govt set to release N350 billion for capital projects – Adeosun

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The Minister of Finance, Kemi Adeosun said that the federal government was ready to release N350 billion, being the first tranche for implementation of the 2017 budget.

Mrs. Adeosun said this on Monday in Abuja at the public presentation of 2017 Appropriation Act.

She said that the Federal Government had enough cash available to immediately commence the execution of key projects and initiatives scheduled for the 2017 fiscal year.

“We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget,’’ she said.

Also speaking, the Minister of Budget and National Planning, Udoma Udoma, said funding of projects would now be on Project-Based Release System to curb waste of public funds by Ministries, Departments and Agencies (MDAs).

He said also that part of the requirement for capital releases was evidence of compliance with the Bureau of Public Procurement Act.

Mr. Udoma said that henceforth, no MDA was authorised to enter into a foreign denominated contract without the approval of the Ministers of Budget and National Planning, and Finance.

He also said the federal government would strengthen its monitoring and evaluation framework to improve physical inspection and impact assessment of projects and programmes implemented by MDAs.

“We are worried and concerned about the number of abandoned capital projects scattered in their thousands throughout the country, which we inherited from previous administrations.

“We know that you can’t continue doing things the same way and expect different result, so we have to do things differently. We need to have more targeted releases. We have to look at the projects which are important and can easily be completed.

“The ministers are working together to ensure that over time, we concentrate our resources on completing important projects, so that we have maximum impact,” he said.

Mr. Udoma also said that his ministry was working with the National Assembly to get the country’s fiscal year adjusted to between January and December.

He said this could only be achieved when the executive and legislature work together to ensure that the budget was submitted, passed and signed before December 31, 2017.

In his remarks, the Director-General, Budget Office of the Federation, Ben Akabueze, said the Office had introduced a new system known as Citizen Portal.

According to him, the portal which can be found on the budget office website, provides insights into the 2017 budget in a non-technical way for Nigerians.

“It is important for citizens to understand the budget, especially its key deliverables and their role in its implementation.

“When citizens do not fully understand the budget, it significantly limits their ability to engage with the budget process and hold government accountable for the prudent management of financial resources entrusted to it,” he said.

(NAN)


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  • FreeNigeria

    Chop and quench time. watch dollars going up.

  • Romberg

    Silly government. The financial year has gone by 50% but they are promising to release 5% of the budget. Are we supposed to celebrate that? Even if this is capital vote component, it is still about 12%. They will underfund the budget, expect some praise….wait until the last minute in ember months to release a little more, only to mop up within weeks as the year winds down.

    Madam: next time don’t tell us. Release the money. Let’s see action. Do what you’ve got to do. Releasing budgetted funds should not make an headline.

    • emmanuel

      Kemi is a serial liar. Wht she claim was released in July last year had only a fraction of it paid around October and One more in January.
      She has only phonetics and pancake to offer Nigeria. Nothing more.
      She does not even know where the budget comes from. I suspect Kemi did online degree in the UK while she worked round the clock on odd jobs

    • Ifeanyi

      …nothing else to add.

  • emmanuel

    This woman came from the pit of hell. She is satanic and a great deceptive. She knows quite well that all the so-called releases and payment to Nigeria Contractors since July 2016 when she began the scam were all lies.
    The contractors are all suffering in silence, while they have cooked up strange companies to scheme out avalaible funds meant for contractors.
    The is a new era of Lebanese and Kora FG, if you understnd what i am talkig about. present fake papers and clean out. Then do all the money laundering for them.
    ” Mr. Udoma said that henceforth, no MDA was authorised to enter into a foreign denominated contract without the approval of the Ministers of Budget and National Planning, and Finance.” This is the coco.

  • Dr Pat Kolawole Awosan

    The finance minister,Mrs Kemi Adeosun, is a dedicated, competent and capable finance minister, for Nigeria, who at a critical time in the history of Nigeria, Mrs Kemi Adeosun, good initiative of focusing most of our capital project budget on vital developmental projects like attaining regular power supply,modernize medical facilities and construction of rail-system and roads, to facilitate easy transportation of goods and passengers in order to move Nigeria forward are very crucial.IN the past, our vital infrastructure were ignored when national budgets were being prepared but now capital project funds, are priorities of present Federal Government.
    @emmanuel:The finance minister, Mrs Kemi Adeosun, is doing her utmost best to salvage Nigeria, decaying vital infrastructure which her predecessor, Dr Ngozi Okonjo-Iweala, failed to focus our national budget on throughout her tenure.
    Compare and contrast Mrs Kemi Adeosun and her predecessor,Dr Ngozi OKonjo Iqweala, who was always annuncing fake statistic figure to deceive Nigerians, that Nigeria was the largest economy in Africa.

    • emmanuel

      Ngozi was a quintessential finance minister. Not in your dream can you compare her to this good for nothing Minister, who despite of devaluing the currency to have toilet tissue value of Naira to fund your so-called capital project has not paid up to a quarter of her annual budget in-time.
      Kemi is a disaster and not fit for a commissioner of Ogun state. Afterall, both the Accountant General and the Governor where the chief Accounting Officers then.
      We all know that what they call budget in this administration are nothing but pieces of trash, that are meant for propaganda. List the major construction companies in Nigeria as relates to capital project and tell Nigerians how many got the funds Kemi told Nigeria in August 2016 that she had paid so that they can recall sacked staff. Who is she deceiving. Her history has already been written as the most unknown finance minister in Nigeria.
      Kemi is a calamity that befell Nigeria.
      Did you controvert the figure Okonjo Iweala published then? You are only behaving like Oshomole who would bandied figures without even knowing how many digits were contained in such figures or Osinbajo then who never understood what the difference between domestic and foreign debt was before swearing -in.

      • emmanuel

        despite

      • PolyGon2013

        Ngozi was a disaster during GEJ reign. She must be arrested. Kemi is head and shoulder better than the fat lipped Ngozi, the thief.

      • True Cross Riverian

        Kemi is a lot better than Ngozi. Ngozi is good but theoretical.

  • 2017 Cassandra

    @disqus_NyVwwG2r74:disqus

    Who will succeed Muhamadu Buhari?

    “The next in line does not translate automatically to the next king. One major fact
    is that the king may be very cold and may be very old and in need of warmth but
    the king is not yet dead. The ‘Adonjahs’ confuse birthright with leadership rights
    and assume that the next in line is automatically the next king whenever the
    current king is no more.

    As a result of the president’s present condition,
    all over the land, Absaloms and Adonijahs are springing up. Again this is not unusual.
    The Absaloms, who seek to overthrow the king, embrace everyone and worm their hearts
    into the minds of the simple and gullible till they steal the heart of all men”.

    ………………..Pastor Tunde Bakare

    (June 19th, 2017)

    • W. Mariam(Col)

      Why are you speaking in tongue? Did something happen to the current king that makes it necessary to replace him? Do you know something you are not telling us?If something doth happen to the king, then the Nigerian constitution kicketh in to anoint who be thy next king.
      ##WHERE IS THE PRESIDENT OF NIGERIA? HAS ANYBODY HEARD OR SEEN HIM IN MANY WEEKS NOW?##

      • Hahahahahahahaha!

        @W. Mariam (Col),

        …………….the successor to Muhamadu Buhari will be announced after martial music………

        • W. Mariam (Col)

          What? You are losing your mind already.
          Stop scaring people with this kinda talk.
          Where is the president though?
          Only three people can answer this question.
          They are:
          (1) The Chief of Staff
          (2) The ADC
          (3) The Minister of Internal Affairs.

  • Fairgame

    Every country’s fortune to a large extent depends on the vision of the leadership and its ability to manage her finances. Therefore finance ministers in established and focused nations are man and women with insight, skill and dexterity required to handle such a volatile and highly unpredictable sector of the economy. The brazen inefficiency of Kemi Adeoson and her ineptitude in the spate of failures of one economic policy after another for the duration of this administration thus far, lays credence to a popular saying; “Whatever a soweth, that shall he reap”… You cannot plant Cassava (Kemi Cyanide) and expect to Cocoyam.

    A disaster she has been in the last 21 months. Naira has become worthless. Inflation hit the highest level since 1914. The economy is in shambles making Nigeria to occupy #1 position on the list of countries with high suicide rates in the months of February & March 2017. Nigeria does NOT need a finance minister with a poor understanding of financial theories and their applicability in a complex continent like Nigeria. This is exactly what Kemi Adeosun is – A rookie finance minister! Inept and clueless. Confused. Unfortunately, Nigeria is a country where the critically ill psyciatric patients prescribe medication for self and other inmates. How then can such a people recover? What a shame!

  • MRnaijawantalk

    N 350 Billion, Please release the list of projects, When they where advertised and that the have BPP approvals and if they are ongoing projects state them and if their any variations in the contract and amount. and stop dropping figures as if you are doing us all a favor nor you really know you are doing !