RECESSION: FG to inject N350 billion into economy next week

To commence N60 billion social investment next month


Minister of Finance, Mrs Kemi Adeosun
Minister of Finance, Mrs Kemi Adeosun

As part efforts in addressing the steady decline of Nigeria’s economy and its disturbing  impact on Nigerians, the Federal Government has said that plans have been concluded to inject N350 billion into the economy next week in order to stimulate economic activities.

It also noted that the process of obtaining $1 billion Eurobond had commenced, noting that it would be concluded before this year ends.



The government further stated that its pledged feeding programme, recruitment of  500.000 teachers and payment of N5000 to vulnerable citizens would commence this month.


The Minister of Finance, Mrs. Kemi Adeosun, who revealed the government’s plan yesterday in Abuja while briefing newsmen, said the funds would be paid to Ministries, Departments and Agencies, MDAs.


In addition, she said when the N350 billion would be released, it would mean that the federal government had disbursed N750 billion for capital projects this year having released N400 billion earlier.


While stating that N60 billion had been set aside for social investment, Adeosun said the funds so far released went into on-going projects especially defence, transportation, interior, power and agricultural projects.


The minister revealed that Integrated Personnel Payrolls Information System ,IPPIS, had eliminated about 40, 000 ghost workers, thereby saving N10 billion for the country monthly.


In that light, she noted that government’s wage bill had been reduced from N165 billion to about N155 billion monthly.


Speaking further, she added that a fresh forensic audit of the payrolls would be carried out, stating that about 30, 000 workers currently on the payroll are not on the nominal rolls of MDAs.


Shedding light on the plan to raise $I billion Eurobond, Director-General of Debt Management Office ,DMO, Dr. Abraham Nwankwo , said:  “On the Eurobond, we intend to raise the money before the year ends.  In terms of the progress made so far, more than five weeks ago we put an advert for Request For Proposals,RFPs, in local and international media, following due process to allow our transaction partners who are interested to compete .


“The closing date for the RFPs is September 19, 2016. Immediately after that, we will fast track the process of vetting and selection.


“We have a directive to make sure we use a minimum time to conclude all these activities.  So we assure you that we are going to cut the time because of the emergency situation  to be able to realise the money .  Before the middle of December, we will have the money.


“However, based on the directive of the minister, by the time we reach a stage, it might be possible to conduct certain arrangement once we are sure of when we are going to raise the money. Certain arrangements could be made to find a way of getting the money, more or less, arranging it in advance.  We are very focused on the fact that these monies are needed urgently to solve the problem and turn around the economy and we are working on that.” He stated.


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