Govt raises capital expenditure for agriculture by 434%

0
239

The allocation for capital expenditure in the budget estimates of the Federal Ministry of Agriculture as contained in the 2016 Appropriation Bill is 434.7 per cent higher than what was approved for the ministry in 2015. An analysis of the ministry\’s budget estimate for this year shows that the Federal Government has increased the capital allocation for agriculture by N38.21bn. \r\nA total of N47bn was allocated for capital expenditure in the 2016 Appropriation Bill, in contrast to the N8.79bn approved for the sector in the 2015 Appropriation Act. But on the other hand, the Federal Government reduced the ministry\’s allocation for recurrent expenditure by N2.12bn, down from N31.87bn approved in 2015 to N29.75bn as proposed in the bill. \r\nThe summation of the recurrent and capital allocations in the new Appropriation Bill gives a total N76.75bn for the 2016 fiscal year, as against the N40.66bn that was approved in 2015.

- Advertisement -First Bank mobile money