The Minister of Finance, Kemi Adeosun, on Friday, September 16, disclosed plans to pump in billions of naira into the nation’s economy, as a means of bouncing it back to life.
The Minister, who made this known during a press briefing in Abuja, said N350 billion will be released next week to various Ministries, Departments and Agencies, MDAs, while another N60 billion, would be released for social intervention programmes, including school feeding programmes, and teachers assistants scheme, designed to enhance the standard of livings of Nigerians.
Injecting billions of naira in key Ministries such as Power, Works and Housing, Interior, Transport, Agriculture, and Defence, according to her, is capable of boosting spending, as more Nigerians will be employed in those sectors.
The Minister said, ”This will take our total capital spend to over N700 billion.
“We are funding the rehabilitation of abandoned airport projects. Significant funding is going into agriculture, because of the time sensitivity of the sector.
”Government had to intervene, to ensure food production was restored, to bring down rising food prices.
“A lot has gone in for defence, because we needed to rebuild and retool the capabilities of our army, to continue with the efforts in the North-East part of the country,” Adeosun explained.
government release monies for the N5,000 stipend, to the most vulnerable people in the society.
On the multiplying effect, Adeosun reiterated that the release of the funds, will enable thousands of graduates who have enlisted as primary school teaching assistants under the N-Power programme, to get their salaries, or stipends at the end of the month.
Speaking on the success so far recorded in her Ministry, she said, the Ministry of Finance has also secured approval from the World Bank, African Development Bank, AfDB, and other multilateral and international lending financial institutions, to secure loans on minimal interest rates, in a bid to rejuvenate the nation’s economy.
She said, ”We are working with the Ministries to try to speed things up.
“We are working with the Bureau for Public Procurement, BPP, to see how to fast track the process of contracts, so the delays could be removed, so that monies could trickle down into the pockets of Nigerians.
”We have strategic plans to take us out of recession.
“We want to ensure the recession is as short as possible.
“We don’t want to prolong the recession. We think some of the initiatives we are working on, will begin to bear fruits.
“Already there are activities resuming on roads, power, health, solid minerals, and water resources,” Adeosun said.