Minister of Finance, Kemi Adeosun, said on Friday that the fresh allocation would add up to the N400 billion capital expenditure that had been previously released and spent between May, when the budget was signed, and now.
The anticipated release will bring the total capital vote released to N460 billion leaving out a balance of N1.34 trillion of the total N1.8 trillion total vote for capital it he 2016 budget.
“Even as we leave here now, we are going for another capital allocation meeting where we are going to allocate another N60 billion.
“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.
Federal government finances have plummeted owing to global oil price plunge and the militants’ activities in the Niger Delta as well as vandals that are blowing up the country’s oil facilities.
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