BEVERLY HILLS, October 03, (THEWILL) – The Minister of Finance, Mrs. Kemi Adeosun, has revealed Federal Government’s plan to roll over at least 60 per cent of 2017 capital projects to 2018 budget proposal.
She made this known when she appeared before the Senate Joint Committees on Finance and Appropriations on Tuesday.
She was accompanied by the Minister for Budget and National Planning, Senator Udoma Udoma, in response to summons by the Senate to give explanation on releases so far made for the implementation of the 2017 budget.
She explained that the decision to roll over 2017 budget to 2018 was based on the advice of the Senate Committee on Appropriations and Finance to the executive on how to make the budget more implementable saying there was no stoppage in terms of capital releases and projects.
“We had a rollover from the 2016 to the 2017 budget. There was no stoppage in terms of capital spent as projects simply continued,” she said.
“The way in which we allocated the fund, the priotisation was according to the objectives of the economy and growth plan.
“We were focused on project completion. So we priotised projects that were nearer to completion that were critical in the first releases of capital.
“We need more of your support. We have a number of resolutions that we need to complete international borrowings.”
On his part, Sen. Udoma revealed that the Federal Government has been working and trying to get the 2018 budget to the Senate before the end of October.
“We intend to have discussions with you so that we can finalise that and take it to the Federal Executive Council so that we restore ourselves to the January to December fiscal year.
“This is to make it much easier to report on the performance of budgets,” he said.
He also debunked the rumour that they had not released much funds in terms of capital budget since January.
“That is not the case. Between January and June we still have 2016 Budget in operation and we allowed it to flow unhindered.
He said in implementing the 2017 budget, it would be helpful if there was clarity in terms of the virement because that would help in terms of implementing the 2017 budget.
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