Recession: FG To Make Decisive Move Next Week

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The Federal Government will pump the sum of N350 billion into the economy in the next few days as capital allocation to ministries, departments and agencies (MDAs).

The Minister of Finance, Mrs. Kemi Adeosun revealed this while addressing journalists on developments and government’s plan for the economy yesterday.

She said:”We are releasing another N350 billion. There will also be the funding of about N60 billion in the social intervention programme, and that is very important in terms of putting money into people’s pocket.”

The finance minister stated that when the N350 billion is released and cash backed in a few days from now, it will bring the total amount released by the Federal Government to N770 billion for capital projects from the N1.8 trillion budgeted in 2016.

According to the minister, “those are the programmes that we really cash backed. The N5,000 to some of the most poor and vulnerable, the home school feeding programme, which is very important. That will also generate some economic activity in a lot of our local governments with women and maybe men cooking for the children.

“And then the ‘Empower the Teacher Call’, that is the graduates that will be going into primary schools as teachers so they will begin to get salaries/stipends from the end of the month.

“So we will be cash-backing these programmes today as part of the N350 billion additional releases, which will take our total capital releases to date to N770 billion.”

 

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