FG begins disbursement of capital budget today, Friday 13th May 2016. cc @DrJoeAbah

Minister for Budget and National Planning, Senator Udo Udoma.

Federal Government said yesterday it would commence part disbursement of funds allocated for capital New projects in the 2016 budget today. Minister for Budget and National Planning, Senator Udo Udoma, who disclosed this during the public presentation of the budget in Abuja, said the fund to be released by the Ministry of Finance would be used to kick-start the execution of capital projects.This represented a marked departure from the past when budgetary disbursements were usually delayed for months after a budget had been signed by the President He said while it was not possible for the entire capital budget to be released at once as not all the projects would be ready for execution, government would make sure that the processes for the execution of projects are fast-tracked to ensure improved performance of capital budget this year.

“We are ready to kick-start the implementation of the budget and by tomorrow (Friday), some releases will be made for capital projects that are ready for execution,” he said. Udoma explained that the need to ensure speedy release of the fund for capital projects became imperative as a strategic option of stimulating economic activities and repositioning the economy on the path of sustainable growth.

The minister explained that the 2016 budget was anchored on six pillars of economic reforms, infrastructure, social development, governance and security, environment as well as states/regional development. The key objectives of the Appropriation Act are, ensuring a stable macroeconomic environment for real sector development; investments in critical infrastructure, science, technology and innovations that will enhance productivity and lower costs of doing business; creating a significant number of jobs to reduce unemployment and underemployment especially among the youth. Others are protecting the poor and vulnerable by special intervention programmes and building an economy that is less vulnerable to oil price shocks by vigorously pursuing economic diversification. According to him, the government will focus more on non-oil revenue for funding the budget, stressing. (Click National Mirror to read in full)