In the first nine months of the year, the Federal Government had spent N3.42tn out of the total N4.493tn spending approved in the 2015 budget.

These figures are contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper (2016-2018) sent by President Muhammadu Buhari to the National Assembly.

The document was approved by the Federal Executive Council on Monday and sent to both chambers of the National Assembly on Tuesday for deliberation and approval.

In the MTEF, a copy of which was obtained by our correspondent, the Federal Government said the N3.42tn was spent on both recurrent and capital expenditure in the nine-month period.

It stated, “Of the total appropriation of N4.49tn and a supplementary budget of N574.53bn for spending on security and emergency provision of subsidy claims, N3.42tn had been spent as of September for both recurrent and capital, with the shortfall in revenue inflow being made up by additional financing from borrowing and other sources.

“Recurrent expenditure has been on track. About 78.1 per cent, that is N1.77tn of the N2.23tn budgeted for the payment of salaries, pensions and overheads has been released, while debt service has been largely covered.”

The document stated that while recurrent expenditure had been on track, capital spending had been lower than what was budgeted due to revenue shortfalls.
The seventh Senate had in passing the 2015 budget, slightly reduced the N2.607,601,000,300 proposed by the executive to N2.607,132,491,708 as recurrent expenditure, and simultaneously scaled down the capital expenditure from N642,848,999,699 estimated in the proposal to N556,995,465,449.

The budget was based on $53 per barrel oil benchmark price, an exchange rate of N190 to the United States dollar; 2.2782 million per barrels of crude oil production per day; and a deficit Gross Domestic Product of 1.12 per cent.

The document also put the fiscal deficit at N1.075tn; N953bn for debt service; and N375.6bn as statutory transfers.

Education took the lion’s share of the budget with N392.3bn; followed by the military, which got N338.7bn, while police commands and formations got N303.8bn.

In the same vein, N237bn was voted for the health sector; N153bn for the Ministry of Interior, while N25.1bn was budgeted for the Ministry of Works.

The MTEF stated, “Capital spending was lower than budgeted due to the revenue challenges and the need to cater for pressing procurement needs like payment of salaries and debt service.

“As of September, N194.77bn of the N557bn budgeted for capital spending had been spent by Ministries, Department and Agencies.”

The country had in the last 18 months experienced price and commodity shocks owing to decline in oil prices as well as crude oil theft and pipeline vandalism.

Source http://businessnews.com.ng/2015/12/14/fg-spends-n3-42tn-in-nine-months/

Cc; lalasticlala

while we no dey see am

WHERE IS THE CHANGE ??

Last Days

Last Days ghost spending

OZAOEKPE:
WHERE IS THE CHANGE ??

Nine months is from January to September
January to May=5 months=GEJ
June to September=4months=PMB

OZAOEKPE:
WHERE IS THE CHANGE ??

Nine months olodo.
Change is just 6 months plus.
And again, deactivate your account

Akpos jumps from bed and starts shouting "God save me, save me, save me. The wife asked, did you have a nightmare? He says yes. The wife asked ask again, were you been chased by a lion? Akpos replied; lion is even better. I nearly voted for Buhari again

I am very sure all this media are still fighting back corruption with their corrupt wailing wailers. Anyways waiting for the FG's side of the report!!!

all these money mentioned here!!!

end time budget!!!


end time spending!!!

23% of all photocopier faults worldwide are caused by people sitting on them and photocopying their butts.

If I talk from my mansion now, someone wey never chop since yesterday go call me wailing wailer..

Ett

there will be more jobs for the unemployed in 2016. If you believe say amen

Great

i fear APC pass PDP no money and yet things they happen

the more you look the less you see

this na Chnage of Death ooo

nice move!!

i'm tired of reading figures ... Change is all we need. Waiting calmly for what 2016 will bring.

MKO4ever:

Nine months is from January to September
January to May=5 months=GEJ
June to September=4months=PMB

Don't mind the f00ls and the stupeed questions.

Where is the change ko, collect it from conductor na.

Saraki and Co want to spend 4.7b naira for SUV

God help these nation from these kleptomaniacs

This present Government is a good Manager to me.

Lolz

I swear..they cant really point out a single thing they have used the money for.....
Bt am guessing thats wat our tourist president uses for his travelling.. ..God save us

free2ryhme:
i fear APC pass PDP no money and yet things they happen

the more you look the less you see

this na Chnage of Death ooo

Stop being ignorant. You have your response below :

MKO4ever:

Nine months is from January to September
January to May=5 months=GEJ
June to September=4months=PMB

We are watching?

All this expenditure, yet less impact.

I thought they said that our treasury is empty?

I taught FG. Could said it's on fuel ni.. ....

OK

[size=18pt]Who kept the record of the money spent before the inauguration of the ministers, when our president was the master of all? The mount quoted must be from the month our minister assumed office. Even when no single project has been carried out, not even our school children have received any meal for the Federal Government as promised, not even our aged parents have received any thing from the government. Our unemployed youths have not received anything from the government. How did they spend the money? On what project? Tough time is ahead. Let the truth be told.[/size]