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FG To Pump N60b Into Capital Projects

kemi adeowun FG

Minister of Finance, Mrs Kemi Adeosun, has said that the Federal Government will earmark the sum of N60 billion to fund capital projects in the country.

Mrs Adeosun said these funds will form part of the 2016 budget and addition to earlier releases.

She made this known on Friday.

The Minister said apart from infrastructure investments, the government was reviewing its tax policies to improve collection and widen the net, make its import tariffs more competitive and cut costs to boost the economy.

Mrs Adeosun revealed that government’s capital spending so far has exceeded N400 billion in 2016 despite the delay in passing the 2016 budget by the National Assembly due to a power tussle between the executive and the Senate.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue, which it had depended on for many years.

The price of crude oil in the international has swum within $40-$50 per barrel.

The Naira has not also done well against the Dollar at the parallel and interbank market.

On Thursday, President Muhammadu Buhari disclosed that the country needed to balance monetary and fiscal policies in order to return to growth.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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