FG Paid $700 Million On Debt Servicing, Edun Tells Senate
The Senate on Wednesday urged the Federal Government to intensify efforts in funding the capital components of the three national budgets running concurrently in the country.
The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola gave the task when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein, appeared before the panel over the budgets’ performances.
Adeola lamented the poor funding of the capital components of the budgets and urged Edun to improve on it.
Adeola said, “It is the capital component of the budgets that will showcase this government largely in terms of performances.
“The capital components tend to showcase various projects that will be executed by this government and people can say the government is doing this, it’s doing that.
“That is why we are emphasising the performance of the 2024 capital component of the project.”
Adeola added that “the N1.84 billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.
“I would want you to please look towards this direction. And I want you to do more engagement with the Ministries, Departments and Agencies of the government.”
Adeola urged the Minister to engage more with the MDAs because most of them were not aware of the current arrangement regarding the funding of capital projects.
The Senate panel chairman also hinted at plans by the red chamber to organise a public hearing on the Nigerian National Petroleum Company Limited which stakeholders in the oil and gas sector would be invited including the Finance Minister.
Adeola nevertheless commended the Minister for achieving 100 per cent funding for the 2023 supplementary budgets.
He said, “We did the supplementary budget, which we have achieved 100% release, which is highly commendable.
Peoplesmind
