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Budget 2014: ‘Why capital expenditure remains low’

Given highlights of the figures to NTA News on Friday, Okogu said despite huge allocations to the capital expenditure in the past, its implementation remains…

Given highlights of the figures to NTA News on Friday, Okogu said despite huge allocations to the capital expenditure in the past, its implementation remains within the range of N1 trillion.
Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, submitted the N4.91 trillion 2014 appropriation bill to the two chambers of the National Assembly last Thursday. Out of total sum, only N1.1 trillion, representing 27 percent, is for capital expenditure while N2.43 trillion will go for the recurrent spending.
“N1.1 trillion for capital expenditure is a very good and realistic estimate in the sense that  if you look at the last two years, actual amount of capital budget we were able to implement is in that range or less in some cases even when the capital is available for spending”, said Okogu.
Beside the implementation challenge, the budget top officer said “I want to mention to you that government has embarked on the Public Private Partnership ways of funding infrastructure”. He cited examples of the recent privatisation of the Power Holding Company of Nigeria.
“We can see from the privatisation of the power sector, through that instrument you are bringing in the private sector for both generation and funding of the infrastructure. So is not just the volume but the efficiency and structure of that kind of thing,” he added.

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