Home Business FG asks MDAs to move 60 Percent of 2016 projects to 2018

FG asks MDAs to move 60 Percent of 2016 projects to 2018

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The Federal Government on Tuesday said its Ministries, Departments and Agencies had been asked to roll over between 50 and 60 per cent of their capital projects to the next fiscal year. The government also said it had so far released the sum of N340 billion for capital projects from the 2017 Appropriation Act in addition to the N1.2 trillion released between January and June this year from the 2016 capital budget.

It also said the N100 billion from the recent sukuk bond subscription would be used to fund capital projects, while it planned to increase releases for capital projects in the budget to N440 billion by next week.

It also announced that revenue amounting to N2.305 trillion was generated in the first half of this year from the projected N2.542 trillion revenue for the period, indicating a shortfall of nine per cent. The Federal Government had projected N5.084 trillion revenue in the 2017 budget.

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