The Federal Government will soon release the first capital budget allocation of N 350 billion, Minister of Finance, Mrs. Kemi Adeosun, has disclosed. Speaking at the 2017 Budget Breakdown in Abuja, yesterday, she said the Cash Management Committee, CMC, was to meet to put finishing touches to the list of Ministries, Departments and Agencies, MDAs, to receive the first allocations
Giving details of the budget, Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said: “2017 Budget envisages a total FGN revenue of N5.08 trillion, exceeding executive proposal by 2.9 per cent and 2016 projection by 31.9 per cent. The projected revenue receipt from oil is N2.122 trillion and non-oil is N2.96 trillion.”
He said the contribution of oil revenues would be 41.7 per cent, compared to 19 per cent in 2016, driven mainly by Joint Venture cost reduction, higher production and price, exchange rate and additional oil-related revenues, while 11 per cent of projected revenue would be expected from recoveries of looted/misappropriated funds and fines. Budget adjustment after virement.
On the capital project funding, where allocations were altered by the National Assembly, the minister said the budget would be adjusted after virement applications were sent and approved by the legislature.