Finance Ministry Releases N200 Billion For 2nd Quarter Capital, Pays N72.7 Billion To Power Sector

By The Citizen

The Federal Ministry of Finance has released N200 billion capital for the 2nd quarter of 2013. This will ensure further progress in the execution of capital projects captured in Budget 2013.

It will be recalled that N400 billion was released as capital for first quarter 2013, of which N335 billion has been cash-backed.

According to Paul Nwabuikwu, Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, of the cash-backed portion, 65% has been utilized so far.

In a related development, the Federal Ministry of Finance has confirmed that it has paid a total of N72.7 billion to the Federal Ministry of Power so far this year to cover various items in line with the implementation of the Power Roadmap.

The amount includes the sum of N45 billion paid to PHCN workers as part of the power privatization programme.

It also includes the sum of N5 billion paid for the Multi Year Tariff Order (MYTO).

Other beneficiaries include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE (NELMCO) and Bulk Trader.

A breakdown of the figures shows that N59,089,522,721 billion was paid in the first quarter while N13,733,822,832 has been paid so far in the second quarter.