The federal government says it will release an additional N60 billion next week, as part of ongoing efforts to tackle infrastructure deficit and facilitate revitalization of the economy.

Finance Minister, Mrs. Kemi Adeosun, disclosed this on Thursday while addressing Senators on the state of the country’s economy since the 2016 budget came into effect. She said all the releases made so far were fully cash backed.

A breakdown of the money released shows that N170 billion was given to the Ministry of Works, Power, and Housing, with works alone getting N74 billion in two months, and Agriculture received N21.6 billion within the same period.

The Finance Minister told the legislators that all agricultural equipment now come into the country at zero percent (0%) custom duty, stressing that it will aide government’s economic diversification efforts and improve the drive towards food sufficiency.
According to her, the prospect of Nigeria’s economic recovery before the end of 2016 is very bright despite the present hardship facing the people.

“We will grow out of this economic challenge and bounce back better in the next few months,” she assured.

She said that government decided to release the monies strategically as part of its stimulus package to drive the economy.

Mrs. Adeosun confirmed that government did not give bailout to distressed states to pay salaries, stressing that states were now being encouraged to look inwards to develop agricultural produce that could help them expand their internally generated revenue platforms and avoid the crisis associated with nonpayment of salaries.

“Federal government did not give money to the states to pay salaries but what we did was to provide risk guarantee that will enable the states to expand their borrowing capacities with the commercial banks.”

https://www.today.ng/business/159737/fgs-n60bn-economic-stimulus-week

WAIT a minute, its not that the country will go into inflation when they give states money to pay salaries. becaus there are a lot of productions and imported goods in the country. while then do they fail to pay workers their salaries, instead lie to us that they wants to use the money for Agriculture, power and the economy while in reality, its their own way of secretly sharing the money amongs themselves. Now how will the economy grow when the citizens dont have money to start going into entreprenurship, partnership and sole proprietorship.

The issue is how can the money reach out to the poor masses? Stealing pot of soup is now rampant in the country!!!!!!. This is what change have caused. How can that money be in circulation through rightful channels.

Always planning to.

Wareva will berra da situashun

K

..

After many Nigerians have sold their children for a plate of amala, some dying of hunger and widespread poverty you are now dishing out volumes of money that you are saving for God knows when to enter into the hands of your cronies!

#decietfulgovt

K

Middle finger to this wack government

I pray the poor feel the betterment of that economic summit

Good

We sidon the look

Ufranklin92:
Middle finger to this wack government

I concur

The truth is that our fiscal policies are very wack, no like the monetary policies are foolproof though.

The main issue is these so called technocrats are still applying textbook models and solutions to our problems.

Example: Let's increase interest rate to discourage consumption and encourage savings which will eventually bring down inflation. Perfect solution on paper.

But in the Nigerian economy, A manufacturing company has a floating rate loan with a bank, MPR is increased, then interest rates on his loan increases , company can hardly make interest payment, they cut down production, they review their pricing mechanism by increasing prices to enable them break down, supply falls deeper than demand... Will this reduce inflation rate in the country?

What do I know... Economists please come and educate us.

Mttcheeew

Another padding or what?

Diversifying is what we need, May God help Nigerians in this trying times

The money will Still fall in the hands of the wicked leaders.

This is not priority...



Get people out of unemployment... That is the issue





This people don't want to learn.. Nigerians are getting increasingly angry and desperate.. The poor cannot sleep because they are hungry.. And the rich cannot sleep cos the poor are awake

hahahaha

The money will Still fall in the hands of these wicked leaders.

If the budget jst came into effect since all dis days, den this government is going to be really interesting

wait o!... they are just calling billions upon billions, yet we don't see tangible things to support their claims... anyhow sha... we go survive....

It's a pity this innocent-looking woman has allowed her veins to be coagulated with APC's blood of deceit and hoax. If the ingestion of almost N200b into the system could not brew any notable economic stimulus, is it N60b that would now do the magic?

No wonder tinubu and co were all smiles yesterday at apc meeting. They know that money dey come

:Ok oooo

We dey wait

It is all very good....but I am not a fan of the free money policies of this admin.

Nigeria does not have the money to''dash'' people.

When one politician or public office holder is stealing over 100 billion naira.