Over N1.95 trillion was disbursed and cash-backed to ministries, departments and agencies (MDAs) by the Federal Government in its 2020 budget implementation.

This was contained in the 2020 Fiscal Responsibility Commission’s (FRC) yearly report and audited account obtained yesterday. That government budgeted N2.7 trillion for capital expenditure in 2020 while actual total capital expenditure for the year was N1.6 trillion, N436.25 billion or 37.48 per cent higher than that of 2019.
The Fiscal Responsibility Act 2007 mandates the Commission to produce yearly reports audited financial statements and submit same to the National Assembly.
According to the report, the government has paid attention to reforms of key sectors of the economy and for the provision of critical infrastructure such as roads, power, housing, rail and airports as well as the provision of physical and food security. It revealed that a total of N1.96 trillion (excluding capital expenditure for statutory transfer and capital expenditure of the top ten GOEs and projected loans was allocated to capital spending in last year’s budget.
The Commission said: “The national lockdown that was imposed to contain the spread of COVID-19 significantly affected the implementation of capital projects/programmes in the 2020 budget. However, a total sum of N1, 949.94 billion was released and cash-backed to MDAs for the implementation of the 2020 capital projects/programmes.’’
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