Senate scores Finance Ministry F9 in budget releases to FCT in 2018

                       

The Senate committee on Federal Capital Territory ( FCT) yesterday rated the Ministry of Finance budget releases to Federal Capital Territory (FCT) very low.

The Senate Committee, has, however scored the Ministry F9, even as it expressed concern over decline in budget releases.

The Committee said that the Ministry of Finance by WAEC standard, scored F9 in budget releases to the FCT in 2018 by making 31.9% releases from the N30.4billion approved.

Kicking against the yearly drastic reduction in the capital component budgetary allocations to the territory, the Committee pointed out that the budget has reduced over the years from N109billion in 2008 to N30billion in 2019.

The Chairman of the Committee, Senator Dino Melaye ( PDP Kogi West), added that it was even worrisome that out of the N30.39 billion approved for capital projects in the 2017 budget, only N12.7billion was released which was about 40.1% .

The lawmaker, who noted that in 2018, out of the N30.2billion approved as capital expenditure for the territory, only N9.6billion was released, which is just 31.9%, added that “this to us by WAEC (West Africa Examination Council ) standard, is F9 and not acceptable .

“The trend if not reversed, is a recipe for failure as far as infrastructural development is concerned.”

Providing a solution to this ugly development, Melaye said “the way out of the yearly poor funding of the FCT budget is for government to prioritise its spending by getting more money for FCT to execute its capital projects, particularly at the various satellite towns .

In his own remarks, the FCT Minister, Muhammed Bello said out of 33 projects proposed in the 2018 budget for execution only 15 are being executed even at very low percentage level due to paucity of fund .

He said: “We are happy that the F9 given was not for us but the Ministry of Finance, which has not been upcoming on expected releases due to shortfall in projected revenue generation

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