Home News Fed Govt releases N2.5tr from 2016 budget
Fed Govt releases N2.5tr from 2016 budget
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Fed Govt releases N2.5tr from 2016 budget

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The Federal Government has so far released N2.5 trillion from the N6.06 trillion 2016 budget, Minister of Budget and National Planing Udoma Udo Udoma has said.

With Udoma, who was answering questions from the Senate Committee on Appropriation yesterday, was Minister of Finance Mrs. Kemi Adeosun.

Mrs Adeosun said N753 billion was for capital projects; N117 billion went into statutory transfer.

She added that N135 billion was for service wide; N108 billion was for over head; consolidated pensions got N142 billion and personnel,  N1.2 trillion.

In her brief to the committee, Mrs. Adeosun said her ministry had discovered that some revenue generating agencies inflated their expenses just to fritter the funds away.

According to her, the agencies’ books revealed overbloated travel expenses, medical allowances and others that could not be justified.

She told the committee that many of the cases had been referred to the Economic and Financial Crimes Commission (EFCC).

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