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FG releases N109b to boost economy

28 June 2016, 20:00

Abuja-  The Federal Government has already pumped N109billion of its promised N350billion into the economy, the Minister of Finance, Kemi Adeosun, has said.

Adeosun, who spoke on Channels Television Programme – Sunrise, on Monday, said the balance of the amount is being held back because of the need to meet with due process requirements.

She said: “N109billion out of the N350billion has already been disbursed. The funds are ready, however, there are procedural delays, due to the required public procurement processes.”

She said 35 states have applied to access the N90 billion loan earmarked by the Federal Government to boost state governments’  fiscal sustainability capabilities, saying the states “are in the process of submitting the required documentation which are being reviewed.”

The finance minister according to Nations stated that monthly disbursements to each state will be conditional on compliance with pre-agreed Fiscal Sustainability Plan (FSP) milestones.

She said if Nigeria is to achieve sustainable growth, it needs a planned approach to financial discipline, targeted investment and economic diversification, pointing out that government’s Economic Plan is strong on fiscal discipline.

- News 24

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