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Finance Ministry Releases N170 billion for Q4 2012 Budget

By on December 4, 2012

Finance Minister, Ngozi Okonjo-Iweala

The Finance Ministry has revealed that the government has released  N170 billion to cash back the portion of the budget appropriated for the fourth quarter.

Speaking at a news conference in Abuja, Mrs. Okonjo-Iweala said the government had disbursed N170 billion as cash backing for the fourth quarter of Budget 2012.

“On the issue of cash backing for the fourth quarter; as you know, we released N300 billion last quarter for a total of N1.01 trillion in releases and it was said that we have not cash-backed the fourth quarter

“This is not correct; we have cash-backed N170bn of the fourth quarter release. About N111billion of that has gone straight into the accounts of Ministries, Department, and Agencies as cash.”

At the end of October, 71 per cent had been used, 20 per cent is yet to be used, she said.

“So, we believe that before the end of the year, it will be utilised by the MDAs.

“We also want to be careful not to just release funds anyhow, until we are sure of what they are being used for.

“We have also released N44 billion to the Federal Ministry of Works in order to enable it work on the major damaged roads ahead of the Christmas season.”

Regarding the police pension issue, she said a letter had been sent to certify that payments were constantly made to police pensioners.

“To make sure that police pensioners are paid, we handed over the management of the account to the Accountant General of the Federation and he has been effecting payment to pensioners.

“And he has restructured the nine accounts to four; he is managing them while the restructuring of the police pension outfit goes on.’’