Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo Iweala onTuesday, said the Federal Government has achieved 67 percent of 2013 budget implementation despite the fact that the economy is experiencing challenges over depleting incomes.
The Finance Minister however nurses fears that the government may not be able to pay salaries of workers and execute some capital projects from September if the 2013 budget amendment proposal sent to the National Assembly is not passed by the parliamentarians as quickly as possible.
It would be recalled that the amended 2013 Budget bill was sent to the two Chambers of the National Assembly in March but is yet to be passed by any of the two chambers.
Iweala who disclosed this when she appeared before the House Committee on Appropriation said the budget has so far being implemented to the tune of 67 percent.
She said a total of N600 billion has been released to Ministries, Agencies and Departments for capital projects.
According to her, of this amount, N585.7billion has been cash-backed.
She however denied recent media reports credited to her that the economy will collapse in September if the 2013 amended budget is not passed by the National Assembly
She said the nation’s economy is facing some serious challenges and the nation is losing nearly 400,000 barrel per day (BPD) to theft, a figure that is valued at N160billion monthly.