by Adeniyi Abdul

Minister of Finance and co-ordinating minister of the Economy Dr Ngozi Okonjo-Iweala has once again spoken out regarding the ongoing concerns over the implementation of the 2012 budget.

Speaking on Wednesday at an interactive session organised by the Senate, she stated that 56 per cent remained the performance level of the 2012 budget as at July and was derived from the N324 billion cash-backed so far. See excerpts from her session below

“We have used 56 per cent of the amount cash-backed, meaning there is 44 per cent remaining, and we are working hard to ensure the remaining 44 per cent is utilised.

“We have a proper management of the resources. We have released all the money available. The Central Bank of Nigeria (CBN) are our bankers and if CBN were here, they would have testified that no money is withheld; 44 per cent of what was released is yet to be used. What we are now doing is to focus on the utilisation of the remaining resources.

“I understand that the National Assembly has been looking at various other ratios with regards to budget performance. We should look at the best way that describe the situation we are in. Of the budget appropriated, what is the implementation so far?

“That is one way National Assembly has been looking at it. We should have released N446 billion, but we released N404billion between April and now, but we have utilized N184 billion and that is 41 per cent.

“I feel we are on the same page but I am interested in letting Nigerians know how their money has been used.

“I want to say two things, there is no difference between what the Senate and the president want to do. The president has been insistent on the need for full implementation of the budget and that results are achieved.

“As a result, he has been holding meetings on the use of resources so that Nigerians can get what they are looking for. We have been open and transparent on the figures we have. I want to say that when I read papers, I am amazed at some figures.

“Some section of the media has been misinforming. We sent out a press release, detailing all what has been done regarding the use of resources, but, even with written comments, it has been twisted, thereby leading to misinformation. I appreciate this opportunity to dialogue.”