Out of the N6.06 trillion budgeted for 2016, the Federal Government has spent N3.577 trillion as at September the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has stated.
Udoma revealed this during the KPMG CFO forum in Lagos.
According to Udoma, “The Federal Government has spent about N3.577 trillion as at September 2016 out of the full year budget of N6.06 trillion for the 2016 fiscal year. This translates to a 79 percent performance of the prorated budget for the first three quarters.
“In addition to the total of N2.44 trillion so far released for capital expenditure, non-debt recurrent and service-wide vote expenditure, a total of N1.138 trillion has also been paid out in domestic and foreign debt service expenditures. This includes N44 billion transferred to the sinking fund to retire maturing obligations.”
Recall that the Federal Government on 25th October revealed its plans to borrow $29.96 billion from the World Bank, African Development Bank, and Japan International Co-operation Agency (JICA).
According to the statement, out of the total amount, Federal Government will take 25.8 billion dollars and States 4.1 billion dollars. A further breakdown shows that 18.3 billion dollars will be spent on infrastructure development, with 14.6 billion dollars going to federal projects and 3.7 billion dollars going to state projects.
The projects billed to benefit from the loans are the Mambila Hydro Electric Power Project, which will get 4.8 billion dollars and the Abuja Mass Rail Transit project, phase two getting 1.6 billion dollars.
Also, 3.5 billion dollars is slated for the completion of the Railway Modernisation Coastal Project from Calabar to Port Harcourt-Onne Deep Sea Port segment.
About 2.4 billion dollars will go to the Lagos-Kano Railway Modernisation project; 1.3 billion dollars is specifically for the Lagos-Ibadan segment and 1.1 billion dollars will go to the Kano-Kaduna segment.
Also, 4.5 billion dollars will go to acquire Euro bonds; 3.5 billion dollars will be dedicated to the Federal Government budget support.The reports says 2.2 billion will be sunk in education and health projects at state and federal levels. Similarly, 1.2 billion dollars is set aside for agriculture projects at both levels and 200 million dollars is for economic management and statistics.