Capital Budget
Ben Akabueze

Capital Budget Receives Boost As FG Releases N1.3trn Fund

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THE Federal Government has released N1.3trn to fund part of the 2021 capital expenditure budget of its Ministries, Departments and Agencies, MDAs.

The amount represents 63.5% of capital budget of the year.

Director General, Budget Office of the Federation, Mr. Ben Akabueze, said the government remained committed to fully funding the 2021 capital budget.

He said, “MDAs have been told in the recently released budget circular that they should expect to receive full funding for their 2021 capital budget.

“The budget training is based on the Government Integrated Financial Management Information System – Budget Preparation Sub-System (GIFMIS/BPS).”

According to Akabueze, the budget office will be training over 4,000 fiscal policy executives involved in budget preparation from about 900 MDAs in Lagos and Abuja in physical sessions and virtually for other zones due to the prevailing challenges associated with the COVID pandemic and security concerns in some regions.

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He said,  “The main goal of this training is to provide continuous learning to equip budget personnel with the requisite knowledge, skills and the tools they require to prepare and submit the 2022 budget in a timely manner.

“The budget is also intended to be in tandem with extant FGN policies and guidelines as articulated in the 2022 FGN Budget Call Circular and other relevant laws/policies.”

He also noted that the government needed more revenue and such revenue could from income taxes for the economy to achieve the desired growth.

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