The Senate Committee on Appropriation has scored the Federal Government (FG) low on its implementation of the capital component of the 2024 budget.
The FG has only funded N1.84 billion out of the N9 trillion budgeted for capital expenditure.
The committee urged the Federal Government to intensify efforts in funding the capital components of the three national budgets which are running concurrently in the country.
The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola, expressed concern over the poor funding of the capital components of the budgets and urged the Coordinating Minister for the Economy to address and improve this issue.
Adeola encouraged the minister to increase communication with the MDAs, as many were unaware of the current funding arrangements for capital projects.
Adeola also praised the minister for successfully securing 100% funding for the 2023 supplementary budgets.
The Finance Minister informed the senators that the Federal Government has made progress in its ongoing forensic investigation into the N30 trillion Ways and Means.
He also mentioned that the launch of electric and CNG vehicles has been delayed due to increased freight costs.
The Senate panel chairman also indicated plans to organize a public hearing on the NNPC, inviting stakeholders from the oil and gas sector, including the Finance Minister.
He also said that the take-off of the electric and CNG vehicles has been held up by a spike in freight costs.
Edun pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies to be up and doing. He equally said the debt service is up to date.