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FG Releases N654bn For Capital Projects

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, yesterday, confirmed that a total sum of N654billion has so far been released for implementation of capital projects through various Ministries, Departments and Agencies (MDAs) as at October, 2019.
Ahmed disclosed this during the ministry’s 2019/2020 budget defence held at the instance of the House Committee on Finance chaired by Hon. Abiodun Faleke.
Faleke had expressed concerns over $470million debt burden from the failed Closed Circuit Television Cameras (CCTVs) and other frivolous line items such as telephone charges in the annual budget estimates/Appropriation Act for the MDAs.
In the same vein, the lawmakers who frowned at the level of impunity being perpetrated by revenue-generating agencies on the payment of 25 per cent operating surplus to government coffer, called for review of the provisions which enable the MDAs to spend 75 per cent of the revenue generated despite approved budget for personnel, overhead and capital projects on yearly basis.
The committee also demanded full details of the bailouts given to states, private sector especially in the power sector as well as banks.
The lawmakers expressed displeasure over the unethical practice wherein commercial banks convert dollars sent by Nigerians in Diaspora to naira to boost their foreign domiciliary accounts, as well as the stringent conditions imposed on Nigeria by the Chinese government on loans obtained to fund some infrastructural projects funded in Nigeria.
Speaking further on the 2019 budget performance, the minister explained that the debt servicing is 100 per cent, overhead expenditure paid for six months while critical MDAs overhead, including NYSC and unity schools stand at 90 per cent.
Ahmed also disclosed that the states that took the Federal Government loan for bailout have started repaying the loan.
The minister disclosed that states have started paying back the loan since September.
The disclosure followed a question by Faleke on the status of the loans given to states to bail them out.
Ahmed in her response said, “The states, from September have started repaying the bailout, it’s a loan.”
Speaking further on companies bailed out, he noted that the “institutions are under Asset Management Corporation of Nigeria (AMCON), currently AMCON is stressed, the assets bought by AMCON are not repaying back.”
Responding to question on the failed Abuja CCTV project, the minister asked the committee to direct all concerns to the Federal Capital Territory Minister, Musa Mohammed, on the over $400million loan taken for that project.
In his remarks, Faleke asked the ministry to remove all repetitive items in the budget.
“There is repetition of similar items, how are we sure they are buying the furniture annually? In National Assembly, we are not buying furniture annually. Most of the people we had here defending their budget said that is the template. You need to look into it,” Faleke said.
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