The Federal Government in a bid to stimulate economic activities says it is releasing additional N350bn for capital projects captured in the 2016 budget.

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 that the release of the additional N350bn brings the total capital releases made by the government to N760bn.

She said 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.

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 would be setting aside N60bn for the implementation of the social intervention programme.

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

Realist2:
N420billion released already for capital projects , where , when ?we didn't see anything nor even feel it either.

“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.

Busch:

..oga I dey your back but chill, they just released it

bettercreature:
Nothing on earth can save this economy until exchange rate is stable!black market rate is 3-4 naira differ from CBN rate and increment in salary

SweetLove0:
lalas. ticlala, mynd. 44, seu. n. this is good news. wailers will still complain

richidinho:


Look at this one
I dont blame you, because you are still eating from momma's pot that is why

Continu!

DONSMITH123:

420 already released according to her. Not the newly 350

Sunnymatey:
Abeg na who hold the money?

Busch:


oh.. I missed that

DONSMITH123:


ahahah. bad guy. you wan go block the person abi?

DONSMITH123:


In their dreams?

rozayx5:


which housing are they building?
the corruption in this govt will shock many when they r kicked out

Sunnymatey:
. Bros since they release 420bil and the money never reach me e better make l waka go collect ma own by mysef.

Sunnymatey:
Abeg na who hold the money?