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Why we inserted N1.7 trillion projects in MDAs budget — Finance Minister

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The Minister of Finance, Zainab Ahmed, has disclosed that N1.7 trillion projects have been inserted in the budget of 14 ministries, departments and businesses.

Ahmed said this in response to allegations of budget padding towards her ministry.

It could be recalled that some businesses throughout budget defence periods in the Senate, claimed that projects price billions have been inserted in the budget with out their consent.

While showing earlier than the House of Representatives Committee on Appropriation on Tuesday, the Minister defined that it was not budget padding, fairly these projects are to be financed by loans.

She defined that in the previous, loans weren’t included in the budget, nonetheless, for transparency, the federal authorities now consists of loans in the budget.

“These loans have been beforehand not totally captured in the FGN budget; solely the provisions for counterpart funds & debt service have been included in the FGN budget.

“To improve transparency and the comprehensiveness of the FGN budget, consistent with global best practice, we decided to fully capture these project tied loans in the FGN budget,” she stated.

She defined that the Ministry of Humanitarian Affairs, Disaster Management and Social Development has N206 billion in their budget which is funded by the World Bank for National Safety Nets Project.

Ahmed added that N195 billion sources from completely different multilateral businesses can also be domiciled in the budget of the Ministry of Power.

Some of the projects embrace; Zungeru HydroElectric Power Project funded by Export-Import Bank of China, Power Sector Recovery Operation (PSRO) funded by World Bank and others.

Following her clarification, the Committee resolved that the Minister of Humanitarian Affairs, Sadiya Farouk should seem earlier than it for clarification.

Why we inserted N1.7 trillion projects in MDAs budget — Finance Minister

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