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National Budget: See the Huge Amount Allocated to Ministry of Power, Works and Housing
Posted by George on Tue 22nd Dec, 2015 - tori.ngAs part of the constitutional demands, Buhari has submitted the national budget to the Nigerian Senate for approval which includes a staggering allocation to the Ministry headed by the former Governor of Lagos state, Raji Fashola.
Babatunde Raji Fashola
The Federal Government on Tuesday in Abuja earmarked N433.4 billion in the 2016 budget for its services in the Ministry of Power, Works and Housing led by Babatunde Fashola, according to P.M news.
President Muhammadu Buhari stated this on Tuesday in his 2016 budget speech delivered at the Joint session of the National Assembly. He said it was the intention of government to raise the percentage allocation for capital expenditure in future.
“To deliver our development objectives, we have increased the capital expenditure portion of the budget from N557 billion in the 2015 budget to N1.8 trillion in the 2016 budget.
“For the first time in many years, capital expenditure will represent 30 per cent of our total budget.
“In future years, we intend to raise the percentage allocation for capital expenditure,” he said.
Buhari said that the measure became necessary in fulfillment of the government’s promise to align expenditure to long-term objectives and government’s commitment to sustainable development.
According to him, this increased in capital expenditure commits significant resources to critical sectors such as Works, Power and Housing to the tune of N433.4 billion.
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