Finance ministry releases N160 Billion for fourth quarter

The Federal Ministry of Finance has released the sum of N160 billion in continuation of execution of capital projects across the country for the fourth quarter of the year.

This brings total capital releases for 2013 so far to a total of N1.01 trillion.

Previous quarterly releases for 2013 were as follows:

First quarter: N400 billion.
Second quarter: N200 billion.
Third quarter: N250 billion.

A further breakdown shows that N598.4 billion of the capital budget or 72.3% has been utilized as at the end of the third quarter of 2013.

A balance of N229.6 billion unspent by various MDAs remains at the Central Bank.

The N160 billion released for the fourth quarter will bring total spendable balances to N450 billion till the end of the year.

Like the previous month of October, salaries of workers in Federal Government ministries and agencies for October were paid before the 20th of the month according to a Presidential directive for the convenience and comfort of staff.