The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala report that the ministry, without waiting for the amendment by the National Assembly, has diligently commenced work towards implementing the 2013 Appropriation Act.

Analyzing the work so far on the implementation of the 2013 budget, the Finance Minister said that N600billion has been released as the capital component of the budget while N585.7billion had been cash backed and therefore available to the ministries, departments and agencies (MDAs), and also adding that the capital component of the budget has attained 67 per cent utilization.

She went further on the work accomplished, saying that N400 billion was released in the first quarter while N200 billion was released in the second quarter of the year.

Okonjo-Iweala also deliberated on the position of the economy, stressing that the nation’s economy is facing challenges from two angles which she stated as; the diminishing oil revenue and low receipts from Customs duties.

She explained that the situation emanated from the problem of pipeline vandalism, crude oil theft and frequent shutdown of oil pipelines by oil firms once the pipes were compromised by vandals.

She also noted the need for diversification of the economy for the economy to pick up again considering the cut down on Nigeria’s export to the United States and the discovery of Shale oil.

The diversification has started already she revealed, with the recent record on the growth of local rice production which has to a good extent reduced the importation of foods into the country and on the hand caused reduction in the revenue from Nigeria Custom.