The Federal Government has implemented about N3.58tn out of the N6.08tn for the 2016 Budget, President Muhammadu Buhari said on Wednesday.

Buhari said this while presenting the N7.28trn 2017 budget to the joint session of the National Assembly.

He said the 2016 budget was not fully implemented due to the low oil prices in the first quarter of 2016.

He said, “As at Sept. 30, 2016, aggregate revenue inflow was N2.17tn or 25 per cent less than prorated projections.

“Similarly, N3.58tn had been spent by the same date on both recurrent and capital expenditure.

“This is equivalent to 79 per cent of the prorated full year expenditure estimate of N4.54tn as at the end of Sept. 2016.

“In spite of these challenges, we met both our debt service obligations and personnel costs. Similarly, overhead costs have been largely covered.”

He said N753.6bn had so far been released for capital expenditure as at the end of October 2016.

He said, “Although capital expenditure suffered as a result of project formulation delays and revenue shortfalls, it is important to note that this is the highest capital releases recorded in the nation’s recent history.

“In fact, it exceeds the aggregate capital expenditure budget for 2015.”

Azeez