The federal government intends to stimulate the Nigerian economy by pumping N350 billion to cushion the impact of the recession on the citizenry.
Speaking on Tuesday, at the end of the two-day National Economic Council (NEC) retreat, held at the conference hall of the Presidential Villa, Minister of Finance, Kemi Adeosun, said the N350 billion would be expended on the creation of employment, capital projects and the re-engagement of Nigerians.
“From the Federal Ministry of Finance in anticipation of the approval of the budget, we have virtually lined up about N350 billion which we would be pumping into the Nigerian economy in the forthcoming months.”
“We explained our rationale and the processes that we have put in place, safeguards to ensure that this money actually achieve the desired objective, which is to stimulate the economy.”
“We are already discussing with some of the contractors who will be paid these monies and the objectives from the overall criteria is how many Nigerians would be re-engaged.”
“We are specifically looking at contractors who have laid off staff and how many Nigerians are you going to put back to work as a result of this money that we are planning to release. We believe this would bring significant economic activity.”
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