Finance Minister, Okonjo-Iweala insists on 41% 2012 budget performance [not 56% nor 12.6%]

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozo Okonjo-Iweala stormed the Senate yesterday to defend implementation of 2012 budget and insisted that the Ministry of Finance has released every kobo to Ministries, Departments, and Agencies, MDAs, as at when due maintaining that 56 per cent has been used as cash back.

She explained that N1.6 trillion has so far been released for recurrent, N404 billion released for Capital project and N324 billion as cash back-up so far used by the MDAs representing 56 percent.

The Finance Minister who also said the 2013 budget will be sent to the Senate for deliberation by President Goodluck Jonathan in September, however kicked against the present situation of budgetary year ending in March, arguing that it was not good budgetary practice. She advised that the government should stop it and revert to January to December if the country must get it right

The minister disclosed that the execution of the 2012 appropriation Act stands at 41.3 percent, just as 44 percent resources released so far has not been used by the MDAs, adding that from April to July, N1.3 trillion has been appropriated for capital, and N1.6 trillion as recurrent.

Dr Okonjo-Iweala explained that implementation of the 2012 budget was only four months since it came into effect in April, adding that she had been misquoted severally in the media over the 56 percent implementation level recorded so far.

She explained that in terms of execution of the 2012 budget, N446 billion would have been released, but N404 billion was released from April to July and out of that, N184 billion has been utilized, noting that, “As at now, 44 percent is still available for MDAs to use. The money is there with the CBN to be accessed.”