For the implementation of the projects contained in the 2014 budget, the federal government has released the sum of 200 billion naira to various ministries, agencies and departments.
The president is empowered by section 82 of the 1999 Constitution to use funds from the Consolidated Revenue Fund to carry on the administration of government for a period of six months or until the coming into operation of the Appropriation Act, hence the release of the funds for capital projects.
A statement by the Ministry of Finance confirming the release read, “The Federal Ministry of Finance has released the sum of N200bn for the execution of various capital projects”.
“This is the first release of capital expenditure for the year and will be followed by others”, it continued.
“The release signposts the determination of the Federal Government to ensure that a clear and measurable progress is achieved in the execution of capital projects”, it added.
The 2014 budget has a total expenditure of N4.642tn. The major focus of the budget is job creation, infrastructure development and reduction in the cost of governance.