The Federal Government of Nigeria has informed of its plan to release N350bn for capital projects as provided for in 2017 budget. Kemi Adeosun, minister of finance, said this on Monday in Abuja.
“We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget,’’ she said.
Contributing, Senator Udoma Udo Udoma, Minister of Budget and National Planning, said a Project-Based Release System would be adopted to curb waste of public funds by Ministries, Departments and Agencies (MDAs).
He said part of the requirements for capital releases was evidence of compliance with the Bureau of Public Procurement (BPP) Act. He also said MDAs have been restricted from unilateral negotiation in foreign denominated contract without the approval of the Ministers of Budget and National Planning, and Finance.
“We are worried and concerned about the number of abandoned capital projects scattered in their thousands throughout the country, which we inherited from previous administrations.
“We know that you can’t continue doing things the same way and expect different results, so we have to do things differently. We need to have more targeted releases. We have to look at the projects which are important and can easily be completed.
“The ministers are working together to ensure that over time, we concentrate our resources on completing important projects, so that we have maximum impact,’’ Udoma said.
Stressing cooperation between the executive and legislature, the minister said his ministry was working with the National Assembly to get the country’s fiscal year adjusted to between January and December.