​The slow road for capital spending
CBN data highlight a recovery in the FGN’s capital spending from a derisory N6bn in Q2 2015 to N130bn in Q3. The total for the nine months, however, stood at N170bn (US$860m), compared with the budget projection for the full year of N720bn. The cumulative figure falls short of the N190bn spent on statutory transfers (to agencies such as the National Assembly). The CBN series show an 87% share of spending in the nine months for recurrent items, 7% for transfers and 6% for capital items. The 2016-18 Medium-term Expenditure Framework (MTEF) puts the present recurrent/capital mix at 84/16 and the target for 2016 at 70/30.
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