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The Budget Implementation Report for the third quarter of 2023 revealed that the Federal Government disbursed a total of N1.23tn to 17 ministries for capital projects aimed at advancing development and infrastructure initiatives by September 30, 2023.
This amount was 75.4% lower than the N5tn allocated for capital expenditure in the 2023 budget, resulting in a deficit of N3.8tn.
Out of the cash backing of N1.23tn, the ministries only utilized N962.87bn.
The release of funds to MDAs for capital expenditure was done in tranches based on availability of resources and government priorities.
The report also indicated that 42 out of the 52 MDAs included had utilized more than the overall average utilization rate of 52.44 percent of the amount cash-backed.
