The Federal Government says it is releasing N350 billion into the economy. The money is part of the capital project expenditure for 2016. The government had earlier released N420 billion capital project fund.
Kemi Adeosun, minister of finance, said the federal government wants to ‘push more money into the economy and then get things moving again’.
“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.” Adeosun stated.
Adeosun explained that N60bn of the fresh release is for the implementation of the social intervention programme.