The Federal Government of Nigeria has begun disbursing funds for outstanding capital projects under the 2024 budget, marking a key step toward completing pending infrastructure and development initiatives.
The announcement came during a recent interactive session with the Senate Committee on Appropriations, where the Minister of State for Finance, Doris Uzoka-Anite, confirmed that payments for these 2024 capital obligations have started immediately.
She emphasized that the financial management system is now fully operational, enabling the processing of these funds.According to Uzoka-Anite, outstanding payments under the 2024 capital budget are being released without delay following necessary approvals.
For the 2025 budget, Ministries, Departments, and Agencies (MDAs) have been directed to submit their cash plans by Monday, after which disbursements will proceed accordingly.
The government has set a firm target to fully implement and clear the capital components of both the 2024 and 2025 budgets by March 31, 2026.
This move addresses longstanding concerns over delays in contractor payments and project execution, amid broader discussions on budget performance, revenue assumptions, and national debt sustainability during the Senate hearing.
The Presidency has also reiterated that these payments form part of efforts to settle outstanding obligations, including those inherited from previous administrations, to boost economic activity and infrastructure delivery.
This development follows earlier reports of challenges in capital budget implementation, including extensions and rollovers, as the administration works to improve fiscal efficiency and project completion
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com