FG releases additional 350 billion naira to boost the economy

Minister for finance, Mrs kemi Adeosun

The minister of finance said that the release of the additional N350bn brings the total capital releases made by the government to N760bn.
   The Minister of Finance, Mrs. Kemi Adeosun, gave the figure on Friday while briefing journalists on interventions measures being taken by the government to reflate the economy which is currently in recession.

   
    She said, “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.

    “Since the budget was passed in May we have released and cash backed fully N420bn capital releases. As we speak now, we are about releasing another N350bn that’s between May and now.

    “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.”

    The minister said out of the N350bn, the government is setting aside N60bn for the implementation of the social intervention programme.

    The minister also said the implementation of social safety schemes was vital as it would Nigerians
the government provide direct cash to vulnerable Nigerians
Source: super9ja