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Ministers Explain Strategies To Recharge The Economy

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Minister of Finance, Kemi Adeosun and Minister of Budget and Planning, Udoma Udo-Udoma
Minister of Finance, Kemi Adeosun and Minister of Budget and Planning, Udoma Udo-Udoma

The Minister of Budget and Planning, Udo Udoma, and his Finance counterpart, Kemi Adeosun, on Friday explained the various strategies being adopted by the federal government to stabilise the country’s economy.

Udo-Udoma, who appeared as a guest on a television breakfast programme, explained that the country needs money so as to raise more money

“Foreign currency shortage is responsible for where we are today.

“What we need to recharge the economy, is foreign currency,” he stated.

Udo-Udoma however pointed out that his ministry has come up with a fiscal stimulus plan which they had been developing over the last month.

Other plans through which the ministry intends to raise money include “asset sales, concessioning and advance payment from licensing rounds”, all aimed at raising between 10 to 15 billion dollars.

The minister also asked for more patience and understanding of Nigerians, as according to him everything is being done to ease their pains.

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“I want Nigerians to be patient, we are on top of the Job, we know what to do but it takes time,” he appealed.

Meanwhile, Kemi Adeosun, Minister of finance has intimated that the federal government is set to inject an additional 350 billion naira (1.1 billion dollars) into the economy and raise 1 billion dollars from Eurobonds by mid-December to ease the recession.

Adeosun told journalists in Abuja that the additional funding, on top of the initial 420 billion naira released in May, is primarily for capital expenditure projects that would also involve support from local banks and transaction partners.

She noted that Nigeria plans to borrow a total of 1.8 trillion naira at home and abroad to fund an expected budget deficit of 2.2 trillion naira.

According to her, the government has approved borrowing from the African Development Bank, China, Japan and World Bank with rates of 1.25 percent and a 20-year maturity, in order to revive the crashed economy.

 

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