• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

FG reveals why funds meant for some projects in 2021 budget were withheld

Chike Olisah by Chike Olisah
December 3, 2021
in Business
Nigeria might fall into recession - Budget Office, FG not enjoying dividend of trillions spent on CBN, NPA, other MDAs - Akabueze

Director-General of the Budget Office, Ben Akabueze

Share on FacebookShare on TwitterShare on Linkedin

The Federal Government has revealed that funds were withheld for duplicated projects in the 2021 budget.

The government said that it was part of the necessary measure taken after the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in a report, uncovered some duplicated projects in the 2021 budget.

This disclosure was made by the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, during an interview on a Channels Television programme, Sunrise Daily, on Friday December 3, 2021, and monitored by Nairametrics.

RelatedStories

Robust frameworks needed for transparent local government fund management in Nigeria – ICPC 

Robust frameworks needed for transparent local government fund management in Nigeria – ICPC 

April 4, 2025
ICPC , REA , Abubakar Abdullahi Sambo

ICPC re-arraigns Professor Igbinoba over alleged degree peddling and forgery in Benin 

April 4, 2025

Akabueze, who is a Chartered Accountant and a former Commissioner for Budget in Lagos State, highlighted the measures taken by the Budget Office to prevent wastage of government’s funds.

What the Director-General of the Budget Office is saying

Akabueze, while answering questions, stated, “The ICPC came up with a report which they sent to us about duplicated projects that they found in the budget.”

“We did our own review (and) we found that 54 of those projects were not actually duplications but there were issues with project descriptions – project descriptions which made them look the same, but they were not the same.

“Every project in the budget has a unique identifier and for the ones which were found to indeed be duplicated, funding was withheld for such projects. There were 185 from the list we received; 185 (projects) were found to be duplicated, 54 were not.”

Responding further to ICPC’s indictment of some federal government ministries and agencies for duplication of projects, Akabueze noted that it is the responsibility of the commission to take necessary actions against those involved in such acts in the nation’s budget.

He maintained that the best the Budget Office could do was to withhold the release of funds for such a purpose to help the nation save its resources.

He said, “We have our own job description, we have the limit of our own authority,” the accountant stated. “When it (duplicated project) is discovered, the most – on our own part – that we can do is withhold release of funds to those specific projects.

“The ICPC has already reported. They have investigative powers, so they actually pull in the people involved to investigate whether these are willful actions to defraud the government or whether they are erroneous. They are the ones with the authority to do so, we don’t (have such authority).”

In case you missed it

Recall that a few days ago, the Chairman of ICPC, Prof. Bolaji Owasanoye, disclosed that the commission has uncovered 257 duplicated projects worth N20.138 billion in the 2021 budget currently being implemented.

He also accused the Federal Ministry of Labour and the University College Hospital (UCH), Ibadan and other parastatals of engaging in illegal recruitment of workers.

The ICPC boss, who spoke Tuesday at the 3rd National Summit on Diminishing Corruption in the Public Sector, held at the State House Conference Hall in Abuja, said the Commission’s review of the 2021 budget resulted in the discovery of 257 projects amounting to N20.138 billion being duplicated in the budget.

He further stated that ICPC’s projects tracking covered 1,083 projects across the entire country with the exception of Borno and Zamfara States due to security challenges.

Tags: ICPC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Robust frameworks needed for transparent local government fund management in Nigeria – ICPC 
Politics

Robust frameworks needed for transparent local government fund management in Nigeria – ICPC 

April 4, 2025
ICPC , REA , Abubakar Abdullahi Sambo
Education

ICPC re-arraigns Professor Igbinoba over alleged degree peddling and forgery in Benin 

April 4, 2025
ICPC , REA , Abubakar Abdullahi Sambo
Business News

ICPC arraigns ex-Foreign Affairs Ministry deputy director for allegedly diverting N5.3 million retreat funds 

March 28, 2025
ICPC , REA , Abubakar Abdullahi Sambo
Legal & Regulations

ICPC recommends technology in fight against alleged corruption in Nigeria Immigration Service

March 21, 2025
FG, ICPC sign MoU to strengthen transparency, accountability in health sector
Health

FG, ICPC sign MoU to strengthen transparency, accountability in health sector

March 17, 2025
ICPC , REA , Abubakar Abdullahi Sambo
Legal & Regulations

ICPC arraigns former Kebbi LG administrator, finance director over alleged N54 million fraud

March 15, 2025
Next Post
Tingo Mobile Plc intensifies support for female farmers, awarding its first grant to female fungus farmer

Tingo Mobile Plc intensifies support for female farmers, awarding its first grant to female fungus farmer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 
  • HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

Follow us on social media:

Recent News

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics