AGF Says Buhari’s Administration has spent over N1.2 trillion on Capital Projects

Ahmed Idris , the Accountant General of the Federation (AGF), has revealed that the current administration has so far made over N1.2 trillion capital‎ expenditure.

This is also as he explained why Lagos State had N109m added to its statutory allocation for the month of May.
The AGF who revealed this in an interview, said Lagos was now seen as one of the oil producing states and that as such accrued derivatives for oil producing state was added to their monthly allocation.
 According to him, “You are aware that Lagos State is equally seen as one of the oil producing states; there were some level of activity in Lagos state and some reconciliation made, the DPR that was responsible for giving the indices and the figures gave them in arrears”.
Explaining the reconciliation made by Department of Petroleum Resources, he said, “Its indicative of element of deficit of derivation; I believe whatever you see being transferred to Lagos State is in respect to some of this claims, its minimal; eventually they will be rated as an oil producing state and will continue to enjoy derivation. That’s why its made open for states and local governments to see, it is not hiden anywhere.”
It should be recalled that N415bn was shared for May, out of which 109m was added to Lagos state government.
Reviewing two years of Buhari’s administration, he said, “we took over virtually an empty treasury, this is evident from the ongoing recovery that we have made.
“We also came at a time when the revenues of government had dwindled. We came at a time of crisis in the Niger Delta, at a time when prices of oil in the global market came down drastically to about 65% leaving us with only 35%.
“We came when we were facing a lot of challenges in terms of people desire to see social growth in place, people demanding for dividend of democracy as being promised, we came at a time when there was high expectation on the part of Nigerians.
“These are right expectations, so government was faced with challenges of how to source money and deliver in terms of education, healthcare, physical development, road, schools and so on.”
Explaining steps that had been taken by the government so far, he said, “The first initiative was to come out with Treasury Single
Account, TSA, and it became the real messiah, because without it we wouldn’t have known where we will be by today.
“It made us put the resources of government together, to block corruption and leakage in collection of revenue, to ensure that the legal revenue from mega resources was accounted for in a very transparent manner, to ensure compliance with extent rules, to ensure modesty in public expenditure and to cut unnecessary wastages and cost.
“We’ve been able to achieve all that and that made us have some level of stability.
“Of course there where borrowings which were announced, we had to borrow for development not for consumption, we borrowed to put
In real sectors of the economy, to develop infrastructure, to‎ complete projects abandoned all over the federation.

“It is gratifying to tell you that as at today we spent over N1.2trillion on capital; that is unprecedented, the first of its kind in the history of economic performance in the country and that is why we have contractors all over the federation going back to work, they are all on site and they are delivering and performing, that is because we have a focused and purposeful leadership that is bent on making sure that Nigeria is taken to its rightful position of development and we are glad to be part of this history making.”
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