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FG releases N59.4bn 4th quarter capital votes By Anas Adamu The federal government has announced the release of N59.4billion capital vote allocation for the fourth quarter of 2004. The minister of finance, Dr. Ngozi Okonjo-Iweala who disclosed this in Abuja said “this is a fulfillment of the promise made by Presid-ent Obasanjo earlier this year, that all capital votes will be released.” According to the minister, the total capital vote appr-oved was N349billion and “we have until March 2005 to spend the capital vote which has just been released.” Dr. Okonjo-Iweala added that ministries have been directed to submit their commitments by the end of December 2004 and all committed monies have until March 2005 to be released. “This means that “by the end of December, if contracts have not gone through the due process, then the contractor cannot get the money in January,” she said. The minister further said that by the end of December, government planned to achieve 63 percent utilization of the allocation. “And we expect that by March next year, we would have reached the 80 per cent set by the president.” This, according to her “is a far higher performance than we have ever achieved in any year. Prior to this, capital budget implementation has not been done to this level ever before.” The minister further explained that the ministry has done it’s job by making the allocations available to the relevant ministries and agencies and called on them to ensure that the funds are properly utilized. According to a summary of 2004 capital releases and utilization for the first, second and third quarters of the year, an approximated N282 billion has been released this year.     TO NEXT NEWS PAGE ...

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