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FG to release N100b for capital projects – Osinbajo

The Federal Government has disclosed plans to release N100bn for capital projects in a few days’ time, having earlier released N322bn for the same purpose.

Vice President Yemi Osinbajo disclosed this on Thursday in Lagos during the Presidential Policy Dialogue session organised by the Lagos Chamber of Commerce and Industry.

He said, “We have also pledged to keep capital budget spending to a minimum of 30 per cent. We have already made capital releases of N332bn which is more than the entire amount released last year, with another N100bn set to be released in the next few days.

“The funds are for power, works, housing, transportation, defence and agriculture. “

See the report in part as published by Elombah.com:

Accordingly, we have already made capital releases of N332billion, which is more than the entire amount released last year for capital expenditure, with another N100 billion set to be released in the next few days.

The main sectors for which the funds have been released are power, works and housing; defence; transportation and agriculture.

One of the first areas in which we brought change about is in public financial management.  

This has had a consequential effect of saving jobs as well as money.  

The reality is that every “ghost worker” eliminated at the Federal level is a job saved.  

Other policy instruments used in this regard include the Treasury Single Account, which has brought transparency into inflows and outflows of government monies.  

The on-going implementation of the Integrated Payroll and Personnel Information System is bringing about monthly savings of N8 billion, while the creation of the Efficiency Unit is projected to save N14 billion in 2016 fiscal year.

A great effort has been made to improve non-oil revenues; this includes bringing an additional 700,000 companies into the tax net as compared to the targeted 500,000 set at the beginning of the year.  

Non-oil revenue from both FIRS and Customs continues to lag behind projections partly due to seasonal factors and economic conditions.

The FIRS has implemented VAT-COLLECT for auto-tracking and remittance of VAT, increased collaboration with State Governments in tax collection.  

FIRS has achieved 73.17% of its target for the first half of the year.

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