Budget: FG releases N1.2tn for capital projects

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The Federal Government disbursed N1.23tn to 17 ministries for capital projects as of September 30, 2023, as per the Budget Implementation Report.

Capital projects typically involve long-term infrastructure investments like buildings, roads, and hospitals.

However, this amount is 75.4% lower than the N5tn allocated for capital expenditure in the 2023 budget, leading to a deficit of N3.8tn.

Out of the N1.23tn disbursed, the ministries utilized only N962.87bn.

The report from the Office of the Accountant General of the Federation detailed varying levels of fund utilization across 52 MDAs.

The Budget Office noted that many implemented projects were constituency projects, which are not within the MDAs’ mandates.

The Budget Office expressed concern over this trend; he highlighted that constituency projects are often prioritized over those aligning with the MDAs’ core responsibilities.

Punch

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