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FG releases N200bn for second quarter; power sector gets largest share

By on May 24, 2013

The Federal Ministry of Finance on Thursday released the sum of N200 billion for the second quarter of the fiscal year.

This it said was to ensure progress in the execution of capital projects captured in the 2013 budget.

The Special Adviser to the Minister of Finance, Paul Nwabuikwu, in a statement recalled that N400 billion was released as capital for the first quarter of 2013, of which N335 billion has been cash-backed.

Nwabuikwu said of the cash-backed portion, 65 per cent has been utilized so far.

The Ministry also disclosed that it has released N72.7 billion to the Federal Ministry of Power in 2013, in furtherance of the implementation of the Power Roadmap.

The amount includes the N45 billion paid to workers of the Power Holding Company of Nigeria as part of the power privatization programme and the N5 billion paid for the Multi Year Tariff Order.

Other beneficiaries include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE and Bulk Trader.

A breakdown of the figure shows that N59,089,522,721 billion was paid in the first quarter while N13,733,822,832 has been paid so far in the second quarter.