FG to allocate N60bn more on capital projects

The Nigerian government is to allocate 60 billion naira ($180 million) more spending on capital projects, as part of the 2016 budget.

The Minister of Finance, Mrs Kemi Adeosun, said on Friday that the allocation was an addition to earlier releases, aimed at boosting the economy.

Mrs Adeosun said that so far, the government had spent over 400 billion Naira on capital.

She told reporters that the money was spent between May, when the budget was signed, and now.

“Even as we leave here now, we are going for another capital allocation meeting where we are going to allocate another 60 billion Naira.

“We are pumping money into the economy at a very rapid rate.”

On when the recovery of the economy would likely begin, she explained that the recovery process would take a little time due to the procurement process that required proper scrutiny.

“There is a balance between speed and transparency. If we say to them, quick, quick, quick, just work with the contractors you have, that is not necessarily fair on the rest of Nigeria.” The Minister further assured Nigerians that the government was doing its best to boost the economy.

The Nigerian economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the Naira.

The central bank governor, Mr Godwin Emefiele, has said recession is likely.

Cost of living has increased in the nation that depends largely on imported products, triggered by high cost of local production due to poor power supply and other circumstances.

The government has said it will do its best to boost the nation’s power, exploring all avenues.

(Channels TV)

*Photo shows Kemi Adeosun.

Leave a Reply