FG Set To Inject N350b To Boost Economy

As part of efforts by the Federal Government to ease the effects of recession, the sum of N350billion ($1.1billion) is to be injected into the economy with another $1billion to be raised in Eurobonds by mid-December, the Minister of Finance, Mrs. Kemi Adeosun has said.

The minister made this known while addressing a press briefing in Abuja on Friday.

According to her, the additional funding, which

omes after the initial N420billion released in May, is primarily for capital expenditure projects that would also involve support from local banks and transaction partners. Mrs. Adeosun noted that Nigeria plans to borrow a total of N1.8trillion at home and abroad to fund an expected budget deficit of N2.2trillion.

Aimed at reviving the crashed economy, the Federal Government has approved external borrowing plans, which would see the country taking loans from the African Development Bank, China, Japan and World Bank with rates of 1.25 percent and a 20-year maturity.

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