Nigerian govt released N1.23tn for capital projects in Q3 2023

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The Nigerian Government released N1.23 trillion to 17 ministries to execute capital projects in the third quarter of 2023.

This is according to the Budget Implementation Report for Q3, 2023 released by the Budget Office on Sunday.

The figure showed that 75.4 percent of the N5 trillion was allocated for capital expenditure in the 2023 budget

Accordingly, from the N1.23 trillion cash backing in the referenced period, MDAs utilized N962.87 billion.

On a sectoral analysis, a breakdown of the report showed that the Ministry of Defence got the highest allocation for capital projects with a cash backing of N189.39 billion but it utilized N180.69 billion leaving a balance of N9.3 billion.

This was followed by the Ministry of Works and Housing with a total cash-backed allocation of N178.62 billion.

It however utilised N118.65 billion leaving a balance of N57.97 billion.

The release of funds to MDAs for capital expenditure as of the third quarter of 2023 was done in tranches based on availability of resources and government priorities.

Data from the OAGF on 2023 capital performance for MDAs as of 30th September 2023 showed that a total of N1.23tn was released to MDAs and cash-backed for 2023 capital projects and programs.

The sum of N351bn was released as the first Tranche, N331.92bn was the second Tranche and N208bn was the third Tranche. A total of N75.35bn was released as AlEs MDAs Budget and N261bn as AlEs Service Wide.

Recall that former President Muhammadu Buhari signed the N21.83 trillion 2023 budget in January last year.

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