FG releases N1.2trn for capital projects in 2019

The federal government has released the sum of N1.2 trillion for capital expenditure in the 2019 budget, representing 50 per cent of the projects provision.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this to the newsmen after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari on Wednesday.

According to her, “So far as at last week, we have released up to N1.2 trillion in capital expenditure and that is a 50 per cent performance of the capital for the whole year 2019.”

It was part of her ministry’s assessment report she presents to the council.

She said, “The Ministry of Finance, Budget and National Planning reported on its one hundred days performance to Federal Executive Council today. The Ministry of Finance has eleven major mandate areas.

“First of in terms of revenue performance, the revenue performance prorated to the third quarter of 2019 is N4. 25 trillion and that represent a performance of 81 per cent. That is to third-quarter so its nine months prorated, not a full year.

“The GDP growth that we planned for 2019 was 3.5 per cent and the third quarter GDP performance was reported as 2.28 per cent.

“On expenditure, we have been able to release all that is required for personnel. So, personnel expenditure is on course, debt service is also on course.

“On the overhead, we have been able to pay eight months overhead for general MDA’s and 11 months overhead for some MDA’s we classify as critical. This includes the security services, the Federal Government Unity Colleges as well as NYSC and Prison rations.