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NATIONAL ASSEMBLY COMPLAINS ABOUT POOR RELEASE OF FUNDS TO MDAs

The National Assembly has expressed concerns over the poor release of funds to Ministries, Departments, and Agencies (MDAs) for the implementation of capital projects in the 2024 budget. Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, and his counterpart in the House of Representatives, Abubakar Bichi, made the complaint during a meeting with the economic team of the federal government.

Senator Olamilekan, who represents Ogun West Senatorial District, emphasized the importance of capital releases to MDAs, stating that they are “the major drivers of economic activities within the nation.” He added that “non-release of funds for capital projects is a major issue in the performance of the 2024 Budget so far” and urged the government to release funds to prevent abandoned projects and ensure the success of the Renewed Hope Agenda of the president.

Lawmakers also pointed out that the 2024 budget is still ongoing, and the implementation of the capital component has been extended to June 30, 2025. They urged the federal government economic team to ensure adequate release of funds for MDAs before the expiration of the 2024 budget.

In response, the federal government economic team led by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that the government has outstanding capital releases to the MDAs and assured that the issue will be addressed. The Minister of Budget and National Planning, Abubakar Bagudu, also stated that the recurrent expenditure in the 2025 budget shows the government’s commitment to fighting insecurity and stimulating agricultural production and economic activities.

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