The 2020 Fiscal Responsibility Commission (FRC) yearly report and audited account has revealed that over N1.95 trillion was released and cash-backed to ministries, departments and agencies (MDAs) by the Federal Government in its 2020 budget implementation.
The federal government had budgeted N2.7 trillion for capital expenditure in 2020 while actual total capital expenditure for the year was N1.6 trillion.
The figure is N436.25 billion or 37.48 per cent higher than that of 2019.
The report indicated that the government had paid attention to reforms of key sectors of the economy and 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 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,” the report read.
It further indicated that 44 MDAs reported by the Office of the Accountant-General of the Federation showed varying levels of utilisation, with 20 MDAs recording utilisation rate of above 74.1 per cent while 24 scored less than 74.1 per cent.
The report also revealed that 19 MDAs, including the ministries of Works and Housing, Defence, Foreign Affairs, Police Affairs and Transportation were among MDAs with above 74.1 per cent utilisation while ministries of Health, Justice, Aviation Salaries and Wages Commission were in the category of those whose utilisation of less 74.1 per cent.
The Fiscal Responsibility Act 2007 mandates the Commission to produce yearly reports and audited financial statements, and submit same to the National Assembly.
