Wednesday, 3 October 2012

Okonjo Blames Funds Inaccessibilty On Spill Over of Previous Year's Budget

Minister of  Finance,Ngozi Okonjo-Iweala has blamed the seeming inability of  ministries to access funds for capital projects on spill over of the previous year’s budget.

Okonjo-Iweala however stated that the government had been releasing fund to the Ministries, Departments and Agencies to ensure the full implementation of the capital project in 2012.

She disclosed that the government had so far released a total of N710.4 billion of which N553.2 billion accounted for cash-backed to MDAs.

The Finance minister added that the total amount so far utilised by the MDAs was N320.9 billion, out of a capital budget of N1.3trillion for 2012,pointing out that  government had also disbursed N30 billion for projects, under the 180 billion earmarked as its share of the Subsidy Reinvestment and Empowerment Programme (SURE-P).

 Okonjo-Iweala noted that to ensure the right approach was adopted, the ministry had completed the 2013 draft copy for onward presentation to the National Assembly,but regretted that the House of Representatives were not ready to accept it from the President because they were not comfortable with the level of implementation of the 2012 budget.

 The 2012 budget of N4.6-97- trillion focusing on economic growth, job creation and development was signed into law in April by the President .

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