The Federal Government has released a total sum of ₦1.23 trillion to 17 ministries as of September 30,2023.
The fund has been released for the implementation of capital projects to advance the developement and infrastructure initiatives of the country.
This is 75.4 per cent lower than the amount of capital expenditure in the 2023 budget, resulting in a deficit of ₦3.8tn.
An analysis of the Budget Implementation Report for the third quarter of 2023 released by the Budget Office revealed this on Sunday.
The report partly read, “The release of funds to MDAs for capital expenditure as at the third quarter of 2023 was done in tranches based on availability of resources and government priorities. Data from the OAGF on 2023 capital performance for MDAs as of 30th September 2023 showed that a total of ₦1.23tn was released to MDAs and cash-backed for 2023 capital projects and programmes.
“Capital projects, in the context of budgeting, typically refer to major investments in physical infrastructure or assets that are expected to provide long-term benefits.
“These projects usually involve the construction, acquisition, or renovation of tangible assets such as buildings, roads, bridges, dams, schools, hospitals, and other facilities.”
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