The Federal Government has released N300 billion as the third-quarter budgetary allocation to ministries, departments and agencies (MDAs) for capital projects. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Thursday in Abuja during the public presentation of the 2022 budget breakdown.
Allocation Details and Purpose
Ahmed explained that the release was part of the N5.35 trillion capital expenditure budget for 2022. She noted that the third-quarter allocation would enable MDAs to implement their capital projects as scheduled.
The minister further stated that the government had released N1.5 trillion for capital projects in the first half of the year, adding that the latest release brings the total to N1.8 trillion.
Impact on Project Implementation
The release is expected to accelerate the implementation of capital projects across various sectors, including infrastructure, health, education, and agriculture. According to Ahmed, the government is committed to ensuring that budgets are released promptly to support economic growth and development.
She also urged MDAs to ensure timely and efficient utilization of the funds, warning that the government would not hesitate to take action against any agency that fails to comply with financial regulations.
Budgetary Reforms and Transparency
The minister reiterated the government's commitment to transparency and accountability in the management of public funds. She noted that the budget process has been reformed to ensure that allocations are tied to measurable outcomes.
The 2022 budget, signed into law by President Muhammadu Buhari in December 2021, has a total expenditure of N17.1 trillion, with N5.35 trillion earmarked for capital projects.
