Operations of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have been crippled by the 8.99 per cent release of its 2016 capital budget. Its Director-General (DG), Dr Dikko Umaru Radda, made this known while presenting the agency progress report to House of Representatives members who visited the Industrial Development Centre (IDC) office in Lagos.
According to Radda, SMEDAN had N193.9 million as its 2016 appropriation for overhead, and capital vote of N1.79 billion. He said of the N193.9 million slated for overhead, only N121 million was released to the agency while a meagre sum of N161 million was released to date out of the N1.79 billion appropriated for capital project.
He said based on the releases to the agency, budget performance stood at 61.25 per cent for overhead and 8.99 per cent for capital, adding that the total expenditure for overhead as at December 13, 2016 were N118 million and N161 million for capital.