Nigeria: Capital Expenditure gets 200 Billion in 2014 Budget

The Minister of Finance, Ngozi Okonjo-Iweala on Wednesday announced the disbursement of N200 billion as capital expenditure for the first quarter of 2014. The money is for the execution of various projects captured in the 2014 Appropriation Act.

The spokesperson for the minister, Paul Nwabuikwu, said the release of the other 'approved' appropriations in the budget would follow accordingly.

Mrs. Okonjo-Iweala, who is also the coordinating minister of the economy, said the release of the first tranche of the capital vote signposts the determination of the Federal Government to ensure that clear and measurable progress was achieved in the execution of capital projects.

The National Assembly is yet to pass the 2014 Appropriation Bill into law, as contending issues underlining the preparation of the fiscal appropriation are yet to be resolved.

The release of funds provided for in the budget before they receive the approval of the National Assembly appears to be the practice of the government in the last three years.
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