The Federal Government has released N2.5 trillion out of the 2016 Budget of N6.06 trillion appropriated by the National Assembly.
This was disclosed on Thursday by the Minister of Budget and National Planing, Senator Udoma Udo Udoma.
Out of the release so far, N753 billion was for capital projects, N117 billion as statutory transfer, N135 billion for service wide vote, N108 billion was for overhead, consolidated Pension got N142 billion, while personnel received N1.2 trillion.
This just as the Minister of Finance, Kemi Adeosun, revealed how some revenue generating agencies inflated their expenses, vowing that Directors involved will soon visit the Economic and Financial Crimes Commission.
Adeosun, who appeared before Senate Committee on Appropriation in company of Udoma on releases for the 2016 Budget, also informed the committee that looted funds are coming into government’s purse everyday.
She was, however, unable to say the actual amount recovered at present.
Adeosun told the committee of the obstacle faced by the Nigerian Government on the stashed loot in Switzerland and the United States of America.
The Minister said: “The process of recovering looted fund is ongoing process.
“Money comes on daily basis.
“We have not recovered much from foreign money.
“It is a little more difficult.”
Adeosun also said that the Federal Government is still waiting for the finalization of the agreement with NEXIM Bank of China on funding rail project.
In his closing remarks, the Chairman of the Appropriation Committee, Senator Danjuma Goje, expressed satisfaction with the implementation of 2016 Budget so far, urging the Ministers not to relent.
Trending
- Easter: I-G orders adequate deployment nationwide
- Tinubu at 72: Leadership in challenging times, by Tunde Rahman
- Okuama Killings: Army whisks Delta monarch to Abuja
- Primeboy files petition against Mohbad’s widow for false accusations, threats to life
- Rivers: APC kick against Atiku’s men support for Tinubu, says its hypocrisy
- Okuama Killings: Army whisks away Delta monarch to Abuja
- Students kick as Baze University hikes tuition by 35%, hostel 100%
- NIPPS Alumni to EFCC Chairman: You’re not alone