…NNPC COOs sign performance bond From Uche Usim, Abuja
The Minister of Finance, Mrs. Kemi Adeosun, yesterday, disclosed that capital releases for last year exceeded N1.2 trillion. The Minister said the disbursements were in line with the Federal Government’s increased focus on capital expenditure.
According to her, Power, Works and Housing received the largest allocation of N307,411,749,682, followed by Defence and Security, N171,900,597,013 and Transport and Aviation, N143,121,925,241.
Other sectors were Agriculture and Water Resources, and Education and Health. These sectors accounted for 62 per cent of total capital released. “We have focused our capital spend on priority sectors to stimulate economic activities and job creation,” she said.
According to Adeosun, “despite the challenges in 2016, the Federal Government was able to achieve fully cash-backed capital releases of N1.2 trillion, which is a reflection of our commitment to infrastructure development.
“These capital releases exclude the capital element in releases to statutory agencies such as the Independent National Electoral Commission (INEC) and the Judiciary. As we go forward, the government intends to attract private capital to compliment government spending in these key areas,” she said.
Meanwhile, as part of efforts to enhance productivity, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has signed a performance bond with the Chief Operating Officers (COOs) of the five autonomous business units and two directorates.
The performance bond tagged, “Corporate Scorecard Key Performance Indicators (KPIs)”, constitutes the key deliverables for the upstream, downstream, refineries, gas and power, and ventures Autonomous Business Units (ABUs) and the Finance and Accounts and Corporate Services Directorates for 2017, serving as key business objectives that each of the units would pursue and is expected to achieve.