Finance minister, Ngozi Okonjo-Iweala, who took the center stage of the budget implementation controversy with variant statistics credited to her, calmed an anticipated stormy senate meeting that earlier threatened her with sanctions Thursday, satisfying the lawmakers’ concerns, but barely putting in new statistics to disprove facts that spending performance remained abysmal.

The minister confirmed that while the recurrent budget had been fully implemented, the capital expenditure, which funds developmental projects, remained at about 14 per cent of the total capital...Read more: http://premiumtimesng.com/news/6310-senators_bow_to_okonjo-iweala.html

But 14% is still horrible performance, no matter which way you try to cut it. The initial 56% number was way way way more manageable, at least when we assumed it was for the ENTIRE year, not realizing it was just her performance on a 4-month to 4-month plan she had going on.

The minister confirmed that while the recurrent budget had been fully implemented, the capital expenditure, which funds developmental projects, remained at about 14 per cent of the total capital.

Of the total N1.3 trillion capital budget, she said, N404 billion had been approved for release while N324 billion had actually been paid out (cash-backed). Of that figure, only N184 billion has been utilized by government ministries and departments.

The same figures had been credited to Mrs. Okonjo-Iweala in previous reports, but she told the lawmakers who mandated her appearance on Thursday, that the statistics available in the news media are largely misleading.

She said even when her office put out such figures in the form of press releases, “sections of the media still twisted them.”

She however reminded the senators the implementation schedule of the budget stood at just four months, having been signed into law in April. As such, she claimed, N404 billion of N1.3 trillion was fairly appropriate.

Is it just me or is the above article incomprehensible. I had the impression that the 14% figure or 13.7% to be exact is the ratio of the overall budget which has been disbursed. As we're only 4 months since the budget came into effect, NOI claimed that this amounted to 41% implementation, 13.7/33.33.

Kobojunkie: But 14% is still horrible performance, no matter which way you try to cut it. The initial 56% number was way way way more manageable, at least when we assumed it was for the ENTIRE year, not realizing it was just her performance on a 4-month to 4-month plan she had going on.

The above makes no sense either. She claims that ministries/depts have only spent 56% of the cash she has disbursed, 184bn/324bn. Why is the utilisation of 56% disbursed monies by Govt ministries/depts a measure of her performance?

If the ministries had spent nearly 100% of the disbursed amount and were complaining that the Finance Ministry is not forthcoming with further cash, then I can see she has a case to answer. The real question is why the 56% utilisation, is it because most capital projects are paid for at completion meaning that most of the cash will be utilised much later?

Well, what I have been able to gather from all this is that the 2012 budget implementation is actually at less than 14% today, as against the initial 56% that was being thrown around. I did not get to watch the hearing yesterday, so I don't have any further details.

Am beginning to have this strong feelings that she is feared even by the legislature. Were they not the ones raising eye brow saying that the budget implemented is not above 51% (may be wrong in the percentage) now she has appeared before them not even breaking α sweat telling them what it is!
Probably it is her eye sockets that scared them. And it is because of this that the house of rep are threatening to impeach the president eh?
Well,
And the winner is....... Okonjo

Kobojunkie: Well, what I have been able to gather from all this is that the 2012 budget implementation is actually at less than 14% today, as against the initial 56% that was being thrown around. I did not get to watch the hearing yesterday, so I don't have any further details.

Keep making a fool of yourself on NL. I only blame those giving you the attention you seem to crave more than food.

Zulele: Am beginning to have this strong feelings that she is feared even by the legislature. Were they not the ones raising eye brow saying that the budget implemented is not above 51% (may be wrong in the percentage) now she has appeared before them not even breaking α sweat telling them what it is!
Probably it is her eye sockets that scared them. And it is because of this that the house of rep are threatening to impeach the president eh?
Well,
And the winner is....... Okonjo

Scores apart, what score do you as a Nigeria get out of this? We are talking just 14% of Total budget implemented work done in over 4 months? I keep using the total here lest someone comes in to tell me there is yet more "simple" math required to understand the obvious here.