The Minister of Finance, Mrs. Kemi Adeosun has revealed that despite economic challenges in the country, the federal government was able to cash-back the release of N1.580 trillion for capital expenditures to Ministries, Department and Agencies for the 2017 federal budget.
Adeosun made the disclosure in Abuja on Tuesday, hinging the release to the Muhammadu Buhari-led government commitments to infrastructural development in the country.
According to a statement signed by Hassan Dodo, the Director of Information, Ministry of Finance, Mrs. Adeosun noted that the release for 2017 as remarkably higher than the N1.219 trillion total capital releases for 2016.
A breakdown of the capital releases showed the trio of Power, Works and Housing Ministries supervised by Babatunde Fashola, received the highest allocation of N523,011,701,723.25 which was 33.10% of the total capital releases.
The receipt was similar to the capital releases in 2016 capital budget when it received a total of N307,411,749,682.00 (25.21%) of the 2016 capital budget.
Followed in the rank of capital releases is Defence and Security, which received N197,596,016,072.02(12.50%) in 2017, as against N77,532,885,729.00 (6.36%) total releases the sector received in 2016.
For 2017, Agriculture and Water Resources received a total of N149,485,276,897.37 (9.46%), away from N143,121,925,241.00 (11.74%) capital releases the sector got in 2016.
Transportation received a total of N126,253,042,607.50 (7.99%) of the 2017 capital releases as against the N171,900,597,013.00 (14.10%) in 2016 just as Health and Education together received a total of N98,190,277,285.69 (6.21%) for 2017 as against N56,270,030,992.00 (4.61%) the sectors received in 2016.
Other sectors combined received a total of N485,734,440,498.61, which was 30.74% of the 2017 capital releases. In 2016, a total of N463,234,558,786.00 (37.99%) was disbursed to these sectors.
Adeosun, however, indicated the federal government efforts to attract private capital to complement government spending in these key areas.