N720.5B SPENT TO DRAG NIGERIA OUT OF RECESSION. - BUHARI

President Muhammadu Buhari said about
720.5 billion naira ($2.4 billion) has been
spent on Nigeria to help drag the country’s
economy out of recession.
About 720.5 billion naira ($2.4 billion) has
been spent on Nigeria as capital expenditure
this year to help drag the country economy
out of recession, President Muhammadu
Buhari said.
In a televised address to mark the nation’s
56th independence anniversary on Saturday,
October 1, President Buhari said: “I believe
that this recession will not last. Several
hundreds of thousands of (unemployed)
workers will be re-engaged in the next few
months as our public works program gains
momentum.”
The president also said the government has
been negotiating to end militant attacks on oil
and gas facilities in the Niger Delta, but would
not be intimidated by armed groups.
Buhari also reiterated that government wanted
to repair the country’s four refineries to end
costly fuel imports. He assured that the naira
exchange rate to the dollar would stabilize,
after dropping to record lows due to a
“critical” shortage of hard currency amid low
oil prices.
Meanwhile, Senator Shehu Sani has warned
the Muhammadu Buhari administration that
the current economic recession bedeviling
nation may result in revolution by Nigerians if
not urgently addressed.
Senator Sani who spoke with newsmen to
mark the 56th Independent anniversary of
Nigeria, at the weekend, said the recession
might end up to be the ignition depressed
Nigerians had been waiting for over the years
to fight their leaders for giving them nothing,
but bad governance over the decades.