Fashola's tops ministers with highest budget allocations

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– Statistics shows that security and education are also among top priorities of the present administration

– A huge part of the budget also goes into servicing of foreign and domestic debts

– Minister of Budget and National planning promises proper execution of budget

The ministry of Works, Power and Housing headed by Babatunde Fashola, has the highest allocations of the 2016 budget, Daily Trust reports.

In the breakdown of the budget, a total sum of recurrent and capital budgets of N467 billion was allocated to the ministry of the former Lagos state governor, a clear signal that the President Muhammadu Buhari-led administration is ready to execute capital projects in this fiscal year.

The allocations of the 2016 budget by ministry. Source: Daily Trust
Security also got a huge chunk of the budget with the ministry of Defence getting N428,098,182,742 while the Police Formation got an allocation of N300,100,330,698.

Others are ministry of Interior (N198,352,766,543) and the Office of the National Security Adviser (ONSA) chalking an allocation of N90,350,068,052.

Education also got about N407.6 billion which is expected to be pumped into projects, while the health sector has had an allocation of about N258 billion, with the transportation getting N202 billion.

N200 billion has also been allocated to Special Intervention projects, showing that a huge part of this year’s budget (N1.36 trillion) is allocated to the servicing of foreign and domestic debts.

There is also the N113 billion voted as Sinking fund towards the retirement of maturing loans and minister of National Planning, Senator Udoma Udo Udoma has promised that the budget would be implemented 100 percent.

He said: “Our aim will always be one hundred percent implementation. We know that because we started late, we may not achieve it, but that is our aim. We will start off with that aim because the budget is a law. So, we will try and implement it as faithfully as we can.

“However, the reality is that we may not (achieve full implementation) because we started late. So, to cure that, subsequent years, we’ll start earlier to give us a better chance of implementing the budget in full. But we will do our best.”

President Buhari only signed the 2016 budget into law on Friday, May 6 after initially returning it to the National Assembly for three consecutive times following sio

Sources: naij.com

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