FG records N1tn revenue loss in 2016

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The National Assembly on Thursday scored the Federal Government low on the performance of the capital expenditure in the 2016 budget.

The Federal Government, however, blamed the shortage on revenue shortfall. It said while the total revenue target was N1.506tn, only N398bn had so far been generated in the 2016 fiscal year, with a revenue shortfall of about N1.15tn.

The government also said it had achieved 55 per cent performance on its N870bn capital expenditure.

This was made known at a roundtable jointly organised by the Senate and House of Representatives Committees on Appropriations.

Chairman of the Senate Committee, Senator Danjuma Goje, had asked the Federal Government officials how much had been released, cash backed, percentage of releases and percentage of cash backs out of the total budget.

Goje, in his opening remarks, said the session was for “the people implementing the Federal Government budget”.

He said, “In doing that, we have invited the Minister of Finance Kemi Adeosun and other officials of the ministry; Minister of Budget Senator Udo Udoma; Minister of State for Budget Zainab Ahmed; Director General, Budget Office Ben Akabueze; the Accountant General of the Federation Ahmed Idris; Director General, Debt Management Office Abraham Nwankwo; and the Governor of Central 

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