FG stops 2019 capital budget releases, generates N4.25tn.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said that with about 10 days to the end of the year, and with the 2020 budget becoming operational on January 1, it would be practically impossible to make further releases to Ministries, Departments and Agencies of government for capital projects.
She said this during the public presentation of the 2020 budget in Abuja on Thursday, disclosing that government’s revenue as of the end of September stood at N4.25tn.
The minister said as of November 12, the Federal Government had released about N1.21tn for capital projects’ implementation.
“We have been able to release N1.2tn; we will not be making any more releases before the end of the year.
“However, there are some in various stages of processing that would be completed. The 2020 budget takes effect from January 1 2020.”
According to the finance minister, in releasing funding for capital projects, priority was given to critical ongoing projects in rail, roads, power and agricultural sectors.
She said debt service and the implementation of non-debt recurrent expenditure, particularly payment of workers’ salaries and pensions, remained on track.
The finance minister said that out of the N8.92tn approved in the 2019 budget, about N5.81tn had been spent as of September 30.
President Muhammadu Buhari on Tuesday signed the 2020 budget of N10.59tn into law following its passage by the National Assembly.