N3.6trn so far released
By Iyobosa Uwugiaren and Ndubuisi Francis in Abuja

The federal government disclosed yesterday that it had so far spent N3.577 trillion out of the full year’s budget of N6,060 trillion for the 2016 fiscal year which was signed in May.

This translates to a 79 per cent performance of the prorated budget for the three quarters up to September 30, 2016.


A statement released last night by Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma said in addition to the total of N2,439.9 trillion so far released for capital, Non-debt Recurrent and Service-wide vote expenditure, a total of N1,137.7 trillion had also been paid out in domestic and foreign debt service expenditure.

This, he said, included N44 billion transferred to the Sinking Fund to retire maturing obligations on bonds issued to contractors.

“To date, budgeted personnel cost and debt service obligations have been fully met on schedule.

“Additionally, government has done reasonably well in the challenging circumstances with respect to capital expenditures. It is noteworthy that the total amount of N753.6bn already released for capital expenditure in 2016 is the highest in the nation’s recent history, even in the era of high oil prices.

“Indeed, the capital releases to date exceed the aggregate capital expenditure budget for 2015 of N700 billion, inclusive of capital expenditure in Statutory Transfers,” the statement said.

At an interactive session with members of the Senate Committee on Appropriation in Abuja on Thursday, Udoma, had said that in spite of the shortfall in revenue expectations, government was committed to its debt obligations and had also made efforts in funding the critical sectors to enable government function smoothly, while seeking lasting solutions to revenue shortfalls.

He explained that although the 2016 Budget was well conceived, with reasonably conservative benchmarks, it recorded unanticipated revenue shortfalls along the line due to militants’ activities in the oil-producing Niger Delta region, a development, he said, seriously affected the budgeted production levels for the fiscal year.

He added that government adopted a targeted approach with respect to capital expenditure to ensure that releases are consistently made to those sectors whose activities have the capacity of driving economic growth and fostering job creation.

The minister pointed out that all the releases had been cash-backed.http://www.thisdaylive.com/index.php/2016/10/29/2016-budget-has-recorded-79-performance-says-fg/

Maybe they meant 7.9% abi na 0.79%

favouredseed:
Maybe they meant 7.9% abi na 0.79%

APC has nothing to offer

LIES!!

This government has failed from the front

What?

“To date, budgeted personnel cost and debt service obligations have been fully met on schedule."

This means payment of the underlisted:

- salaries of the ministers and cabinet
- salaries of civil servants
- salaries of everyone in the payroll
- servicing of domestic and foreign debts every month

Where and when...

Haa, uncle Minister u can lie oh.

omenka:
LIES!!

Close ur teeth, u said the truth!

This government has done what ineffectual buffoon never tried to do in 6years, even with recession due to fall of oil price

but the effects are not showing o.

Imbec1es

Hmmm.... Lesson learnt from this revelation is that figures and statistics on paper don't really mean anything.

Government of the Liars, for the Liars and by the Liars


Don't be surprised to see shameless beings here defending and supporting them cos they're nothing but educated fools who sold their reasoning and dignity for few naira notes . Such individuals made rubbish of education and call their parents effort to it to them waste.

Maybe Bubu recorded 79% in the other room.

no, its 790%. Ndi ara

Lol it's 7900% Hmmmmm OH it's actually 0.079%

79% performance in South Sudan Or Somalia?
Feeding Programme?

N-Power?

Roads?

Railways?


APC and Lies

Nigerian govt and lies..

Jesusloveyou:
This government has done what ineffectual buffoon never tried to do in 6years, even with recession due to fall of oil price

Bros, your certificate of Zombieism is ready for collection. I didnt want to believe you are this dull but now i strongly Belief..................

Liars

favouredseed:



N3.6trn so far released
By Iyobosa Uwugiaren and Ndubuisi Francis in Abuja

The federal government disclosed yesterday that it had so far spent N3.577 trillion out of the full year’s budget of N6,060 trillion for the 2016 fiscal year which was signed in May.

This translates to a 79 per cent performance of the prorated budget for the three quarters up to September 30, 2016.


A statement released last night by Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma said in addition to the total of N2,439.9 trillion so far released for capital, Non-debt Recurrent and Service-wide vote expenditure, a total of N1,137.7 trillion had also been paid out in domestic and foreign debt service expenditure.

This, he said, included N44 billion transferred to the Sinking Fund to retire maturing obligations on bonds issued to contractors.

“To date, budgeted personnel cost and debt service obligations have been fully met on schedule.

“Additionally, government has done reasonably well in the challenging circumstances with respect to capital expenditures. It is noteworthy that the total amount of N753.6bn already released for capital expenditure in 2016 is the highest in the nation’s recent history, even in the era of high oil prices.

“Indeed, the capital releases to date exceed the aggregate capital expenditure budget for 2015 of N700 billion, inclusive of capital expenditure in Statutory Transfers,” the statement said.

At an interactive session with members of the Senate Committee on Appropriation in Abuja on Thursday, Udoma, had said that in spite of the shortfall in revenue expectations, government was committed to its debt obligations and had also made efforts in funding the critical sectors to enable government function smoothly, while seeking lasting solutions to revenue shortfalls.

He explained that although the 2016 Budget was well conceived, with reasonably conservative benchmarks, it recorded unanticipated revenue shortfalls along the line due to militants’ activities in the oil-producing Niger Delta region, a development, he said, seriously affected the budgeted production levels for the fiscal year.

He added that government adopted a targeted approach with respect to capital expenditure to ensure that releases are consistently made to those sectors whose activities have the capacity of driving economic growth and fostering job creation.

The minister pointed out that all the releases had been cash-backed.http://www.thisdaylive.com/index.php/2016/10/29/2016-budget-has-recorded-79-performance-says-fg/

Jesusloveyou:
This government has done what ineffectual buffoon never tried to do in 6years, even with recession due to fall of oil price

Oh mehn... its like dey have increased your pay and given u quadruple promotion as a zombie abi??

What? Buhari government amara ihe.So annoying a regime.No capital project on ground yet this useless budget of scam have attained 79% progress? Liars as usual.Tell us the truth about what you actually used the monies appropriated for this controversial budget for.

Jesusloveyou:
This government has done what ineffectual buffoon never tried to do in 6years, even with recession due to fall of oil price

God have mercy on your soul.Who or what did this to your reasoning? Be a zombie should never becloud your sense of sound reasoning.

omenka:
LIES!!

Even their nairaland chief supporter also knows hence now laughing at the stupidity of this super clueless regime headed by a senile dullard.

APC MAKE UNA TAKE

this APC government only derives joy from lies.
i am yet to see the budget in action.

Paperwhite:
God have mercy on your soul.Who or what did this to your reasoning? Be a zombie should never becloud your sense of sound reasoning.

is that not the koko, that the recession is due to fall of oil price. Even with that, 80 percent of the budget has be achieved

Paperwhite:
Even their nairaland chief supporter also knows hence now laughing at the stupidity of this super clueless regime headed by a senile dullard.

he was just laughing at iPod flat heads

Jesus Christ
This is unbelievable, this is simply corruption.

omenka:
LIES!!

i can see this deliverance worked

Jesusloveyou:
This government has done what ineffectual buffoon never tried to do in 6years, even with recession due to fall of oil price

even omenka said the 79% is a lie,at least stand for the truth like him ones.u nd ur likes that are afraid to be seen criticizing bubu Are his number one enemy