FG projects: Finance ministry releases N160b 4th quarter capital votes

Minister Of Finance,Okonjo-Iweala

The Federal Ministry of Finance has released the sum of N160 billion being fourth quarter capital allocation to Ministries, Departments and Agencies (MDAs).

The funds is meant for the execution of capital projects captured in the 2013 Federal Government spending plan.

A statement on Sunday by Paul Nwabiukwu, media aide to Finance Minister, Dr. Ngozi Okonjo-Iweala, said under the 2013 N4.987 trillion Fiscal plan, capital vote is N1.621 trillion, while recurrent expenditure, will gulp N2.386 trillion.

It stated that the latest disbursement of N160 billion yesterday, has brought total amount of capital releases for 2013 to N1.01 trillion.

The first three quarter releases were: First quarter, N400 billion; second quarter, N200 billion and third quarter, N250 billion.

The statement noted that the sum of N598.4 billion of the capital releases earlier, representing 72.3 per cent, had been utilised as at the end of the third quarter of 2013.

Nwabiukwu explained further that “a balance of N229.6 billion unspent by various MDAs remains at the Central Bank of Nigeria (CBN). The N160 billion released for the fourth quarter will bring total spendable balances to N450 billion till the end of the year.”