The Minister of Finance, Kemi Adeosun has disclosed that due to paucity of funds, the current administration cannot finance every project in the 2016 budget.

This is as she cautioned heads of ministries, departments and agencies, MDAs, against lobbying for the release of funds to their various sectors, stressing that funds will only be released for projects based on their importance.

Adeosun gave the indication when she appeared on the floor of the House of Representatives at the on-going sectoral debates on Thursday.

She said, "So, what we are now doing is project first. Tell us what you are going to do with the money, give us your milestones. I can't promise you that every single agency will receive every single Naira in the budget; that will be untrue and that will be a misleading impression.

"However, what I will assure is that there will be no favouritism, there will be no need for anybody to come and lobby in our office for the release of funds. Funds will be released first on priority of projects, MDAs must make request for the capital and we must measure how the capital is spent."

Commenting on the need for increment of the minimum wage, Aseosun said, "The issue is not actually about minimum wage, the issue is about cost of living, because even if you increase the minimum wage to N100, 000 and the cost of living is N120,000 then you have done nothing.

"What we have to address is the cost of living and this government is addressing cost of living because it is investing in the things that make cost of living very high for the people, such as power cost, transport cost, people spending hours on bad roads, it is being addressed, that is a cost."