OAGF releases N743.7bn capital funds
By Patience Ikpeme
The Office of the Accountant-General of the Federation (OAGF) has disbursed N743.7 billion in capital funds to numerous Federal Ministries, Departments, and Agencies (MDAs) between March and August.
This announcement was made by the AGF, Dr. Mrs Oluwatoyin Madein, at a workshop in Abuja focused on implementing the federal government’s Cash Plan Policy.
By expediting the release of funds for the capital budget, this policy has had a remarkable impact.
Dr. Madein not ted that prior to its implementation, the Capital Development Fund had remained committed to over N1.5 trillion for months, slowing down the use of allocated funds and requiring the government to continue paying interest on borrowed funds.
Since March 2023, the Treasury has successfully released N743.737 billion. A further N487.421 billion is currently being processed for release in September and October.
During the workshop, Madein provided participants with a comprehensive overview of the policy’s development and implementation process, stating that it offers a promising solution to ending budget cycle extensions and ensuring the efficient allocation and utilization of funds for the nation’s development and progress.
