By Dipo Olowookere
President Muhammadu Buhari has assured Nigerians that the present economic downturn would soon be over.
Mr Buhari gave this assurance on Friday while announcing the release of N522 billion to state governments.
The money, according to the President, was to cushion the harsh effects on the economy.
He called for more support from the citizens, encouraging them not to give up at this moment when the storm was already over.
The President said he and his team were working round the clock to reflate the economy, promising that very soon, Nigerians would see positive outcomes.
“As I said in my Independence Day Speech, I firmly believe that this recession will not last,” Mr Buhari assured on Friday.
“We should not allow our temporary problems to blind us from the corrective course this administration is charting for Nigeria.
“We know what our challenges are and we are working very hard to provide solutions that will last,” he told Nigerians.
On the N522 billion released to states, Mr Buhari said it is meant to pay salary and pension arrears, stressing that mechanism to audit the use of the of funds has been put in place by the Federal Government.
“The Ministry of Finance is currently processing the first batch of N153 billion, which, I am told, will be released to 14 states.”
“The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their state Governors,” the President said.
more recommended stories
T-Bills Market Bearish as Yields, Overnight Rate Rise
By Dipo Olowookere As investors patiently.
Forex Market Gets Fresh $210m Intervention from CBN
By Dipo Olowookere The currency market.
Nigerian Shares World’s Best Performer in Two Weeks with 12% Surge
By Dipo Olowookere The Nigerian Stock.
Ajanaku Appointed as Ambode’s Strategist
By Dipo Olowookere Governor Akinwumi Ambode.