GOOD NEWS? FG TO INJECT N350B INTO THE ECONOMY

Minister of Finance, KemiAdeosun, today
disclosed plans by the Federal government to
inject N350 billion into the economy.
Speaking with reporters in Abuja today, Adeosun
also disclosed that there are plans to also raise
$1 billion from Euro-bonds by mid-December to
ease the recession.
According to Adeosun, the N350 billion being
injected will be directed towards capital
expenditure projects. “We are raising money. As
you know the Euro-bond capital raise is on. We
are about to appoint advisers so we we will be
raising additional $1 billion.
Two weeks ago we approved the external
borrowing plan and that was very important,”she
said
The Minister said the Federal government plans
to borrow N1.8 trillion from the African
Development Bank, China, Japan and World Bank
with rates of 1.25 per cent and a 20-year
maturity. She added that the borrowed money
will be used to fund an expected budget deficit
of N2.2 trillion.
“When we said we will borrow, we said we will
borrow the cheapest money first. We have
approvals in that plan from the World Bank, ADB,
with interest rates as low as 1.5% and tenures
as low as forty years to intervene in some
specific areas which include agriculture,
education, health, rebuilding of the northeast and
of course the rail way project that are very key
to what we are doing”she said


Source :naijaloaded
Edited by DANIEL IKECHUKWU EKWUNIFE