{"id":24435,"date":"2018-06-19T13:41:50","date_gmt":"2018-06-19T12:41:50","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=24435"},"modified":"2018-06-19T13:41:50","modified_gmt":"2018-06-19T12:41:50","slug":"n1-2trn-capital-expenditure-cash-backed-in-2016-fiscal-commission","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/n1-2trn-capital-expenditure-cash-backed-in-2016-fiscal-commission\/","title":{"rendered":"N1.2trn Capital Expenditure Cash-Backed In 2016 \u2014 Fiscal Commission"},"content":{"rendered":"

The Fiscal Responsibility Commission (FRC), says out of the N1.58 trillion allocated for capital expenditure in 2016, only N1.219 trillion was cash backed.<\/p>\n

According to the commission\u2019s 2016 Annual Report and Audited Accounts obtained\u00a0on Tuesday<\/span><\/span>\u00a0in Abuja, the cash backed amount indicates 97.75 per cent performance.<\/p>\n

It said that in comparison to the 2015 capital budget, the N1.58 trillion appropriated in 2016 was N1.03 trillion more than N557 billion appropriated in 2015.<\/p>\n

Of\u00a0\u00a0the N557 billion appropriated for capital expenditure in 2015, N387.3 billion was released and cash backed as against actual utilisation of N362.3 billion, indicating 65 per cent budget performance<\/p>\n

The 2016 budget which was tagged \u2018Budget of Change\u2019 was projected at N6.06 trillion.<\/p>\n

The 2016 FRC report stated that according to the Budget Implementation Report (BIR), N436.22 billion, N156.85 billion, N64.42 billion and N27.26 billion were released in the first, second, third and fourth batches respectively.<\/p>\n

It also said that N487.75 billion was released as Authority to Incur Expenditures (AIEs).<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The report said that the analysis of the BIR revealed that as at May 5, 2017, N1.191 trillion of the annual appropriated amounts released and cash backed had been utilised by Ministries, Departments and Agencies (MDAs).<\/p>\n

It said that of the amount, N173.40 billion was disbursed as at Dec. 31, 2016, while N1.017 billion was disbursed between January and May 2017.<\/p>\n

The report said that implementation of the 2016 budget experienced some constraints which resulted from late passage of the budget and revenue shocks.<\/p>\n

Other constraints were uncertainty in the international market and fall in oil production as a result of militancy in the Niger Delta region.<\/p>\n

It added that some MDAs experienced delays in their procurement processes or were unable to access their funds.<\/p>\n

In all, it said that the capital budget achieved 75.03 per cent performance which when compared to previous years was quite laudable and should be sustained.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Fiscal Responsibility Commission (FRC), says out of the N1.58 trillion allocated for capital expenditure in 2016, only N1.219 trillion was cash backed. According to the commission\u2019s 2016 Annual Report and Audited Accounts obtained\u00a0on Tuesday\u00a0in Abuja, the cash backed amount indicates 97.75 per cent performance. It said that in comparison to the 2015 capital budget, …<\/p>\n","protected":false},"author":6,"featured_media":24436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[2044],"coauthors":[2391],"class_list":["post-24435","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-capital-expenditure"],"yoast_head":"\nN1.2trn Capital Expenditure Cash-Backed In 2016 \u2014 Fiscal Commission - National Wire<\/title>\n<meta name=\"description\" content=\"The Fiscal Responsibility Commission (FRC), says out of the N1.58 trillion allocated for capital expenditure in 2016, only N1.219 trillion was cash backed. 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