FG plans to inject N350bn to enhance economy

The Federal Government of Nigeria through its finance ministry has announced plans to inject N350 billion into the system to salvage the current dwindling economy of the country.

The Minister of Finance, Kemi Adeosun, announced the plan after a two day economic retreat for governors of the 36 states of the federation and members of the National Economic Council (NEC).

According to her, part of the money will help offset the debt owed local contractors, who had laid off their workers for lack of funds.

The minister added that the state governors were also advised to reduce the number of political appointees and aides as a way of reducing the cost of governance.

Read also: Non-oil revenues shore up May allocation to N305bn

She said, “We deliberated extensively on the drop in revenue, particularly as to how it affects the state governments and their ability to pay salaries and obligations. The general resolve of the house and consensus was that there was need to bring in more cost efficiency in their operations.”

The finance minister added that about N350 billion that would be pumped into the Nigerian economy in the forthcoming months is subject to the Federal Government approval.

She added that the processes the finance ministry had put in place is to safe guard and ensure that the expected fund actually achieves the desired objective, which is to stimulate the economy.

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