Buhari scores 50% in capital expenditure this year

The Buhari administration has so far released N1.2 trillion in capital expenditure, representing a 50 per cent capital performance for the 2019 fiscal year.

The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed made this disclosure when he briefed State House correspondents after the Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari, on Wednesday at the Presidential Villa, Abuja.

She explained that the budget was signed into law in May, making the execution almost a six-month affair.

According to her, the revenue performance up till third quarter of 2019 was 4.25 trillion which represents a performance of 81 per cent.

She said Nigeria’s GDP growth in 2019 was projected at 3.5 per cent. But up till the third quarter GDP performance was 2.28 per cent.

The minister said the finance ministry has been able to release all that was required for personnel cost while debt service was also on course.

“On overhead, we have able to release eight months overhead for general MDAs and 11 months overhead for some MDAs that we classify as critical and this include the security services, the Federal Government Unity Colleges as well as NYSC and Nigerian Correctional Service.

“So, a few agencies that we classify as critical have received 11 months and we are working on the 12 month over head release for these categories of MDAs.

“And now that the president has assented to the 2020 which is a major achievement for this government; it is clear that the 2019 budget is also a six-months budget; so we achieved 50 per cent capital release for 50 per cent performance of the 2019 budget,’’ she said.

She disclosed that the National Assembly had passed the Finance Bill of 2019 which would soon be presented to the president for assent.

The Federal Executive Council meeting which lasted almost eight hours was dedicated to presentation of account of stewardship of the ministers in the last 100 days of the administration.