The Minister of Finance, Kemi Adeosun, has said that there is no guarantee that the Federal Government would implement the 2016 budget in full.
The minister, yesterday, was summoned alongside the governor of Central Bank of Nigeria, Godwin Emefiele by the National Assembly to give a reportage of the current situation of the country’s economy in a sectoral debate.
Adeosun explained to the lawmakers that a lot was hinged on how much money was available to the government from crude oil sales to implement the N6.06 trillion budget in a session that was presided over by Speaker, Yakubu Dogara.
She however, assured that all the funds generated by the governor would be meticulously spent and followed up.
“I cannot promise that every single agency will receive every money appropriated for them. The budget is an estimate and funds will be released based on revenue,” the minister said.
Even though there was an N18.25 billion drop in revenue accruable to the Federation Account for the month of April, the minister told the lawmakers that no ministry was expected to lobby for funds, adding that there would be a need assessment before money would be released in the months ahead.
“You have to tell us what you want to do with the money…but for capital projects, we will measure,” Adeosun added.
The minister also defended President Muhammadu Buhari’s frequent trips abroad after the lawmakers loaded her with a ton of questions.
“Nigerians have underestimated how badly our international reputation was damaged. I would rather talk about how much has been restored.”
She explained that the president used these trips to try and recover looted funds stashed in foreign lands but complained that some of the countries gave tough conditions for the return of the money.
“These countries, who have enjoyed the benefits of being in custody of the funds, are not in a hurry to return them to Nigeria’s coffers,” she added.