The Accountant-General of the Federation, Idris Ahmed, has issued a circular extending the tenure of the capital elements of the 2016 budget until May 5 or the passage of the 2017 budget, whichever is the earliest, an official has said.
According to a statement by her spokesperson, the Minister of Finance, Kemi Adeosun, announced the directive on Thursday.
With the new directive, ministries, departments and agencies of government can, for now, continue to utilise funds meant for capital projects in their 2016 budgets. The minister had earlier said the Muhammadu Buhari administration released a record N1 trillion for capital projects for the 2016 budget.
The 2017 budget is still being reviewed by the National Assembly and has not been passed into law.
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