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FG set to bail out economic recession with N4.72 trillion

20 September 2016, 08:27

Lagos - The Federal Government stated its intention to bail out the Nigerian economy out of a current recession with a N4.72 trillion fiscal stimulus plan after the country slipped into one of its worst ever economic crisis, Naij reports.

The stimulus plan will majorly be funded through sales of national assets, which is part of a four-pronged plan to generate and inject massive foreign capital into the economy.

The Minister of Budget and National Planning, Udoma Udoma said that the stimulus plan would be funded majorly through the sale of national assets, advance payment by joint venture operators for license renewals, infrastructure concessions and the use of recovered funds.

Following the National Bureau of Statistics (NBS) officially confirming that Nigeria had slipped into one of its worst ever financial recessions, the government convened a ministerial retreat last week to rally economists' opinions on possible ways out of the crisis.

For more on this story, visit Naij.

- News 24


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