Facts emerged on Tuesday why items on annual budget are underfunded as many government agencies only repeat projects from one year to another.
The Chairman of the Senate Committee on Establishment and Public Service, Senator Aloysius Etuk, described the development as shameful.
Etuk said the manner budgetary allocation was released to Ministries, Departments and Agencies require urgent attention.
The budget of the National Insurance Commission, which The Eagle Online had access to, revealed that the Agency budgeted N264 million for capital expenditure for 2014.
However, as at December 31, 2014, only N62 million had been released.
The agency was thus able to execute 23.8 per cent of its annual budget expectations in terms of projects.
However, looking at both the 2014 approved budget and proposal for 2015, they are trailed with repetition.
According the presentation of NAICOM, N13.5 million was budgeted for furniture and fittings in 2014.
However, it has again proposed N7 million for the same purpose in 2015.
In 2014, N84 million was budgeted for motor and Vehicles.
The same item was repeated in 2015 with a budget of N50 million.
Also, the agency proposed N20 million for security equipment in 2015.
The same item was budgeted for in the 2014 budget, with N16 million.
For 2015, N7.9 million was proposed for computer equipment, with the same heading in 2014 receiving about N11.09 million.
In addition, the Senate Committee on Power, Steel Development and Metallurgy, where the Minister of Power, Prof. Chinedu Nebo, and his counterpart from the Ministry of Mines and Steel Development, Musa Mohammed Sada, defended their 2015 budget proposals.
The committee specially accused the Minister of Finance and the Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, of “killing” the Nation’s economy through yearly poor funding of MDAs capital budgets.