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FG Okays Fresh N350b To Boost Economy

kemi adeosun FG

By Ebitonye Akpodigha

A fresh N350 billion has been released by the Federal Government for capital projects captured in the 2016 budget.

This move, according to the Minister of Finance, Mrs Kemi Adeosun, is to stimulate economic activities.

Briefing newsmen on Friday in Abuja on interventions measures being taken by the government to get Nigeria out of recession, Mrs Adeosun explained that, “What government wants to do is to step in and begin to spend and pushing more money into the economy and then get things moving again.

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“Since the budget was passed in May we have released and cash backed fully N420 billion capital releases. As we speak now, we are about releasing another N350 billion that’s between May and now.”

She said further that, “One of the sectors we spent the money on, of course the largest has been power, works and housing. Quite a lot has gone on defence because we need to rebuild the credibility of our army to continue in their efforts in the new phase, interior, transport.”

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According to the Minister, the implementation of social safety schemes was vital as it would enable the government provide direct cash to vulnerable Nigerians.

Mrs Adeosun stated that with the economy in recession, the level of consumer demand would be reduced drastically hence the need for government to step in by injecting liquidity.

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She expressed confidence that the various moves being taken by the government to restore the country’s economy would yield the expected results.

The Minister called on Nigerians to continue to support and have confidence on the government.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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