Wednesday, 11 May 2016

NEWS:-Fashola's tops ministers with highest budget allocations

Fashola's tops ministers with
highest budget allocations

– Statistics shows that security and
education are also among top priorities of
the present administration
– A huge part of the budget also goes into
servicing of foreign and domestic debts
– Minister of Budget and National planning
promises proper execution of budget
The ministry of Works, Power and Housing
headed by Babatunde Fashola, has the
highest allocations of the 2016 budget, Daily
Trust reports.
In the breakdown of the budget, a total sum
of recurrent and capital budgets of N467
billion was allocated to the ministry of the
former Lagos state governor, a clear signal
that the President Muhammadu Buhari-led
administration is ready to execute capital
projects in this fiscal year.
The allocations of the 2016 budget by
ministry. Source: Daily Trust
Security also got a huge chunk of the
budget with the ministry of Defence getting
N428,098,182,742 while the Police Formation
got an allocation of N300,100,330,698.

Others are ministry of Interior
(N198,352,766,543) and the Office of the
National Security Adviser (ONSA) chalking
an allocation of N90,350,068,052.
Education also got about N407.6 billion
which is expected to be pumped into
projects, while the health sector has had an
allocation of about N258 billion, with the
transportation getting N202 billion.
N200 billion has also been allocated to
Special Intervention projects, showing that a
huge part of this year’s budget (N1.36
trillion) is allocated to the servicing of
foreign and domestic debts.
There is also the N113 billion voted as
Sinking fund towards the retirement of
maturing loans and minister of National
Planning, Senator Udoma Udo Udoma has
promised that the budget would be
implemented 100 percent.

He said: “Our aim will always be one hundred
percent implementation. We know that
because we started late, we may not achieve it,
but that is our aim. We will start off with that
aim because the budget is a law. So, we will
try and implement it as faithfully as we can.
“However, the reality is that we may not
(achieve full implementation) because we
started late. So, to cure that, subsequent
years, we’ll start earlier to give us a better
chance of implementing the budget in full. But
we will do our best.”
President Buhari only signed the 2016
budget into law on Friday, May 6 after
initially returning it to the National Assembly
for three consecutive times.