Fidelity bank banner Bayelsa State banner
FG to allocate N60bn more on capital projects

By News Express on 20/08/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,149


The Nigerian government is to allocate 60 billion naira ($180 million) more spending on capital projects, as part of the 2016 budget.

The Minister of Finance, Mrs Kemi Adeosun, said on Friday that the allocation was an addition to earlier releases, aimed at boosting the economy.

Mrs Adeosun said that so far, the government had spent over 400 billion Naira on capital.

She told reporters that the money was spent between May, when the budget was signed, and now.

“Even as we leave here now, we are going for another capital allocation meeting where we are going to allocate another 60 billion Naira.

“We are pumping money into the economy at a very rapid rate.”

On when the recovery of the economy would likely begin, she explained that the recovery process would take a little time due to the procurement process that required proper scrutiny.

“There is a balance between speed and transparency. If we say to them, quick, quick, quick, just work with the contractors you have, that is not necessarily fair on the rest of Nigeria.” The Minister further assured Nigerians that the government was doing its best to boost the economy.

The Nigerian economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the Naira.

The central bank governor, Mr Godwin Emefiele, has said recession is likely.

Cost of living has increased in the nation that depends largely on imported products, triggered by high cost of local production due to poor power supply and other circumstances.

The government has said it will do its best to boost the nation’s power, exploring all avenues.

(Channels TV)

•Photo shows Kemi Adeosun.

Source News Express

Posted 20/08/2016 03:53:27 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Tribunal’s order for my arrest null and void...

NAFDAC gets new boss

Ambode begins dismantling of Fashola’s structures, dissolves boards...

Hope rising: Expect good news in due course,...

CBN Deputy Governor disowns fake e-mail address

APC resolving its crisis, says Odigie-Oyegun

Boko Haram invades more villages in Borno, kills...

Ebola: Senate pleads with JOHESU to end strike...

Michael Okpara University students protest against scrapping of...

BLOODBATH AS SOLDIERS, BOKO HARAM EXCHANGE BULLETS •15...

Ibom specialist hospital records first successful neurosurgical operation...

WAEC Fees: Aregbesola condemns students rampage, says academic...

 

Latest News Obasanjo, Jonathan, Buhari can’t account for $82.5bn oil money: Investigation Saraki can only avoid impeachment if he resigns – Oshiomhole Presidential Order: I-G directs immediate overhaul of SARS •Contacts to call in case of harassments Saraki, Bafarawa, Dankwambo go to hilltop to stop Buhari 2019: Obasanjo, defectors can’t stop Buhari — Tinubu 4th Tony Elumelu Foundation Entrepreneurship Forum: 5,000 expected in Lagos for Africa’s largest entrepreneurial convening 7 fake revenue agents apprehended in Anambra No foreign pressure on Buhari to drop 2nd term bid – Presidency Investors relocate 100,000bd Brownfield refinery from Turkey to Nigeria Only 35, 652 pupils studying in modern Almajiri schools in Northwest: NAN Survey FG pledges to promote establishment of digital classrooms Insecurity, 2019 elections: CAN declares 3 days prayer for Nigeria

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (376,655 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,001 views) Shameless Genevieve Nnaji exposes breasts in public (295,697 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,435 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,047 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,838 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,169 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,337 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,402 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (157,869 views) Lagos plane crash: Journalist releases victims’ names (152,380 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,773 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (907) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (526) Features (632) Global Business Monitor (294) International (2,265) Interview (161) Live Commentary (28) Love Matters (134) News (38,006) Opinion (1,056) Pidgin (11) Politics (6,037) Religion (814) Sports (1,643) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement