See How Much FG Has Spent In Nine Months

In the first nine months of the year, the Federal
Government had spent N3.42tn out of the total
N4.493tn spending approved in the 2015 budget.
These figures are contained in the Medium Term
Expenditure Framework and Fiscal Strategy Paper
(2016-2018) sent by President Muhammadu Buhari to
the National Assembly.
The document was approved by the Federal
Executive Council on Monday and sent to both
chambers of the National Assembly on Tuesday for
deliberation and approval.
In the MTEF, a copy of which was obtained by our
correspondent, the Federal Government said the
N3.42tn was spent on both recurrent and capital
expenditure in the nine-month period.
It stated, “Of the total appropriation of N4.49tn and
a supplementary budget of N574.53bn for spending
on security and emergency provision of subsidy
claims, N3.42tn had been spent as of September for
both recurrent and capital, with the shortfall in
revenue inflow being made up by additional
financing from borrowing and other sources.
“Recurrent expenditure has been on track. About
78.1 per cent, that is N1.77tn of the N2.23tn
budgeted for the payment of salaries, pensions and
overheads has been released, while debt service has
been largely covered.”
The document stated that while recurrent
expenditure had been on track, capital spending had
been lower than what was budgeted due to revenue
shortfalls.
The seventh Senate had in passing the 2015 budget,
slightly reduced the N2.607,601,000,300 proposed by
the executive to N2.607,132,491,708 as recurrent
expenditure, and simultaneously scaled down the
capital expenditure from N642,848,999,699 estimated
in the proposal to N556,995,465,449.
The budget was based on $53 per barrel oil
benchmark price, an exchange rate of N190 to the
United States dollar; 2.2782 million per barrels of
crude oil production per day; and a deficit Gross
Domestic Product of 1.12 per cent.
The document also put the fiscal deficit at N1.075tn;
N953bn for debt service; and N375.6bn as statutory
transfers.
Education took the lion’s share of the budget with
N392.3bn; followed by the military, which got
N338.7bn, while police commands and formations
got N303.8bn.
In the same vein, N237bn was voted for the health
sector; N153bn for the Ministry of Interior, while
N25.1bn was budgeted for the Ministry of Works.
The MTEF stated, “Capital spending was lower than
budgeted due to the revenue challenges and the
need to cater for pressing procurement needs like
payment of salaries and debt service.
“As of September, N194.77bn of the N557bn
budgeted for capital spending had been spent by
Ministries, Department and Agencies.”
The country had in the last 18 months experienced
price and commodity shocks owing to decline in oil
prices as well as crude oil theft and pipeline
vandalism.