Fashola Gets N433.4bn For Power, Works And Housing
The Federal
Government on Tuesday in Abuja earmarked N433.4 billion in the 2016 budget for
its services in the Ministry of Power, Works and Housing led by Babatunde
Fashola.
President Muhammadu
Buhari stated this on Tuesday in his 2016 budget speech delivered at the Joint
session of the National Assembly.
He said it was the
intention of government to raise the percentage allocation for capital
expenditure in future.
“To deliver our
development objectives, we have increased the capital expenditure portion of
the budget from N557 billion in the 2015 budget to N1.8 trillion in the 2016
budget.
“For the first time
in many years, capital expenditure will represent 30 per cent of our total
budget.
“In future years, we
intend to raise the percentage allocation for capital expenditure,” he said.
Buhari said that the
measure became necessary in fulfillment of the government’s promise to align
expenditure to long-term objectives and government’s commitment to sustainable
development.
According to him,
this increased in capital expenditure commits significant resources to critical
sectors such as Works, Power and Housing to the tune of N433.4 billion.
In a breakdown,
Transport would gulp N202.0 billion; Special Intervention Programmes – N200.0
billion; Defence – N134.6 billion; and Interior – N53.1 billion.
The President said
these investments in infrastructure and security were meant to support the
nation’s reforms in the Agriculture, Solid Minerals and other core job-creating
sectors of the nation’s economy.
“We will invest to
safeguard lives and property. We will invest in equipping our farmers with the
right tools, technology and techniques.
“We will invest in
empowering and enabling our miners to operate in a safe, secure and humane
environment.
“We will invest in
training our youths, through the revival of our technical and vocational
institutions to ensure they are competent enough to seize the opportunities
that will arise from this economic revival,” Buhari said.
NAN reports that the
President presented a budget of N6.08 trillion for 2016 with a revenue
projection of N3.86 trillion, resulting in a deficit of N2.22 trillion
Source:Pmtimes
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