JUST IN: President Buhari Releases N400bn For Capital Projects

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The Federal Government under the leadership of President Muhammadu Buhari says it has released N400 billion from the 2016 budget to implement capital projects and an additional N60 billion will be released in a few days’ time.

Addressing journalists on the state of the economy yesterday, Minister of Finance, Mrs Kemi Adeosun, disclosed that “over N400 billion has been released so far from the allocated funds for capital expenditure. We are holding another meeting today for N60 billion to be released in a couple of days. We have been pumping money into the economy since May when the budget was signed.”

Speaking on the recession that the country has slid into, the finance minister assured that the country will come out of it. However, to overcome recession, Adeosun insisted that “if we stick to what we are doing: fight corruption, redirect stolen funds to the economy, cut out wastage, duplication and leakages, continue with the payroll clean up of the N165 billion Federal Government wage bill every month, the economy will recover. According to her, “you will soon begin to see the sign posts of recovery”.

The finance minister lamented that debt overhang has slowed things down even though the Federal Government has generated about N200 billion so far in revenue. “In order to reflate the economy, as money comes in, we shoot it out” Adeosun said.

She also revealed that the Ministry of Finance has been mandated to manage looted exhibits recovered from past public office holders.

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