The Federal Government says that it has so far released N2.5tn out of the N6.6tn budgeted for the 2016 fiscal year.
The government also said the proposed external borrowing was for the execution of capital projects.
The Minister of Budget and National Planning, Senator Udo Udoma, disclosed the amount of funds released when he appeared before the Senate Committee on Appropriations, in company with the Minister of Finance, Mrs. Kemi Adeosun.
Adeosun also revealed how some agencies of government inflated their expenses, vowing that the officials involved would soon be dragged before the Economic and Financial Crimes Commission.
The Finance minister, while explaining the capital releases for the 2016 budget, also informed the committee that looted funds were being recovered daily, but failed to state the actual amount so far recovered.