The Minister of Finance, Mrs Kemi Adeosun, on Friday, disclosed that the Federal Government will release the sum of N350bn for capital projects captured in the 2016 budget.
She said this while addressing reporters on interventions measures being taken by the government to stimulate the ailing economy.
According to the Minister, the additional N350bn will bring the total capital released by the government to N760bn.
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.”
In view of the current recession, there were indications that the Federal Government may take external loans from the World Bank, African Development Bank, Japan International Cooperation Agency, and Export-Import Bank of China.
President Muhammadu Buhari had announced a N6.1tn spending plan aimed at stimulating the economy this year. The economy contracted in the first two quarters as oil revenue plunged.
In a bid to find solutions to the current recession, that is ravaging the country, Buhari had yesterday urged his Ministers to “think out of the box” during a Ministerial Retreat in Abuja.