Connect with us

Business and Economy

We are determined to ensure 2018 budget is executed effectively- FG

Published

on

 

Udoma Udo Udoma

The Federal Government says in spite of the delay in signing the 2018 Appropriation Bill into law, it is determined to ensure effective
execution.

Sen. Udoma Udo Udoma, Minister of Budget and Planning, gave the assurance on Thursday in Abuja at the presentation of the approved 2018 Budget of Consolidation.

The N9.12 trillion 2018 budget was signed by President Muhammadu Buhari on Wednesday after it was raised from N8.61 trillion by the National Assembly.

Giving a breakdown of the allocations, Udoma said capital expenditure would gulp 31.5 per cent of the total expenditure at N2.87 trillion, adding that this was more than N2.36 trillion allocated in 2017.

Recurrent non-debt spending would rise from N2.99 trillion in 2017 to N3.51 trillion in 2018.

Udoma said the Federal Government planned to spend N2.01 trillion on debt servicing (21 per cent of budget), adding that provision to retire maturing bond to local contractors increased by seven per cent from N177 billion in 2017 to N190 billion for the current fiscal year.

He said this was in view of the ambitious plan to liquidate all contractor debt arrears of the Federal Government going back several years.

He said that the Ministry of Power, Works and Housing had the highest allocation with N715 billion for both recurrent and capital expenditure, Ministry of Interior would get N577 billion while
Ministry of Defence was allocated N576 billion.

Ministry of Education was allocated N542 billion, Ministry of Health N356 billion, Ministry of Transportation, N267 billion and Ministry of
Agriculture and Rural Development, N203 billion.

Others are Ministry of Water Resources, N155 billion, Office of the National Security Adviser, N123 billion, Ministry of Industry, Trade and Investment, N118 billion, and Ministry of Youth and Sports Development, N116 billion.

He added that the Office of the Secretary to the Government of the Federation was allocated N112 billion.

Udoma, while highlighting some of the projects to be carried out in the year, said infrastructure, security and human development were the
focus of the government.

He said N530.8 million would be used in constructing the terminal building at Akanu Ibiam International Airport, Enugu , and N8.32
billion used for the construction of the second runway of Nnamdi
Azikiwe International Airport, Abuja.

He said that while N162.28 billion was scheduled as counterpart
funding for railway projects, N9.4 billion was set aside as
counterpart fund for the Mambilla hydro-power project.

He said that N344 billion was allocated for the construction and
rehabilitation of several roads nationwide and N26.7 billion allocated
to National Housing Program.

For health, he said N55.15 billion had been allocated to the
implementation of the National Health Act, while N300 million had been
set aside for health emergencies and contagious diseases outbreaks.

For agriculture, Udoma said over N25.1 billion was allocated for
promotion and development of value chain across more than 30 different
commodities to ensure food security.

He also said that N5.30 billion was allocated for National Grazing
Reserve Development.

The minister said that procurement of ammunition of various types and
calibers would cost N5.3 billion, while construction of new military
barracks in five geo-political zones would gulp N2.3 billion.

For mines and steel, he said N644 million would be used for the
establishment of mining regulatory agency for the sector and N450
million used to reclaim abandoned mine sites.

For education, Udoma said the Universal Basic Education Commission was
allocated N109 billion and N9.2 billion allocated for various
scholarship allowances.

He added that N65 billion was allocated for re-integration of
transformed ex-militants under the Presidential Amnesty Program, while
N45 billion was allocated for the Federal Initiative for North-East
(Pilot counterpart funding contribution).

Udoma said that the goal of the 2018 budget was to consolidate on the
gains recorded so far by the administration and ensure that all
Nigerians benefitted from the economic progress.

In his address, Mr Ben Akabueze, Director-General, Budget Office of
the Federation, said the Federal Government would work with the
National Assembly to ensure that the nation returned to the January to
December budget cycle.

He expressed the hope that the 2018 budget would be the last to be
signed in the middle of the budget year.

He said that in furtherance to the Federal Government’s commitment to
Open Government Partnership, it was desirous of improving citizens’
access and understanding of the budget.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

news5 hours ago

Read outcome of Osun guber polls

The Independent National Electoral Commission (INEC) has declared the Osun State governorship election inconclusive. The reason for the cancellation, according...

news9 hours ago

Adeleke leads Oyetola, more results awaiting

The governorship candidate of the Peoples Democratic Party in Osun State, Senator Ademola Adeleke, is leading the candidate of the...

Politics12 hours ago

Tinubu refuses to endorse Ambode, insists on direct primaries

The national leader of All Progressives Congress (APC) Bola Ahmed Tinubu and members of the Lagos chapter of the Governor’s...

news12 hours ago

Buhari’s minister, Shittu says he couldn’t afford N22.5m for APC forms, speaks on NYSC

The Minister of Communications, Barrister Adebayo Shittu on Saturday declared that contrary to insinuation that he was rich as a...

news12 hours ago

2019: David Mark can unite Nigeria – Jonathan

Former president, Goodluck Jonathan has stated that only a man with the strength of character and clear conscience like Senator...

news1 day ago

Bolaji Abdullahi grieves over Bamigboye’s death

The Peoples Democratic Party(PDP) Gubernatorial Aspirant Mallam Bolaji Abdullahi has described the death of the First Military Governor of Kwara...

Politics1 day ago

Osun Decides: Why I will win in landslide – Ademola Adeleke

. The standard bearer of the Peoples Democratic Party in the ongoing Osun election, Senator Ademola Adeleke, has boasted that...

news1 day ago

Boko Haram: Army reveals plan to end insurgency

The Theatre Commander, Operation Lafiya Dole, Major General Abba Dikko, has charged troops to redouble their efforts in the fight...

top stories1 day ago

Osun election: What APC candidate Oyetola said after voting

Alhaji Gboyega Oyetola, the governorship candidate of the All Progressives Congress (APC) in Saturday’s governorship election in Osun State, has...

Politics2 days ago

2019: Abubakar reveals his enemies, warns INEC, politicians

Former Head of State, Gen. Abdulsalami Abubakar, on Friday, said he will forever be an enemy of anyone that tried...

Advertisement

Trending

Copyright © 2018 Royal News.

%d bloggers like this: