FG Releases N268Bn for Power, Works, Housing In 2016 Fiscal Year

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Fashola FG Releases N268Bn for Power, Works, Housing In 2016 Fiscal Year

Whooping sum of N268.27 billion was released by Federal Government for the implementation of various projects in the Power, Works and Housing sector in the 2016 fiscal year.

The amount released reflects 63.44% of the total sum of N422.900 billion appropriated for the sector, leaving a balance of N154,628,527,315 (36.56%) of the total budget.

According to the document, out of the N260,082,997,389.84 approved for Works’ sector, the sum of N198.300 billion was released leaving a balance of N61,782,997,389.84.

From the sum of N91,257,561,006.16 approved for Power sector, the sum of N36 billion, leaving a balance of N55,257,561,006.16.

The sum of N33,971,472,685 appropriated for the Housing sector, out of total sum of N71,559,441,604, leaving a balance of N37,587,968,919 yet to be cash-backed due to dwindling revenue generated for the year 2016.

The information was contained in the document submitted by Babatunde Fashola, Minister of Power, Works and Housing while giving update on the status of the funds released for implementation of the critical projects for the year under review.

The Minister who was accompanied by top management of the Ministry, to the Ad-hoc Committee investigating the alleged breach of privilege, violation of Appropriation Act held at the weekend, affirmed that all the projects captured in the Appropriation Act, spread across the six geopolitical zones of the federation.

“Like many Nigerians, I have been concerned about the state and pace of development of our country’s infrastructure and the consequences they have on our quality of life and expectations.

“With regard to power, I have made a case about the need to product the power, transport and distribute it, as priority. Unless we do these, it is my view that no real results can be expected in terms of the purpose of the rural electrification projects.” Fashola explained.

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