The Federal Government is making plans to inject N350 billion into the economy quarterly to stimulate growth, Finance Minister Kemi Adeosun disclosed on Thursday, May 5.
The Minister, who spoke on Sunrise, a Channels TV programme, said the fund will be released as soon as the budget is signed.
Adeosun said: “As soon as the budget is signed, we are going to pump N350 billion into the economy in this quarter and we are going to do so every quarter until we stimulate growth. And we would see growth if we spend money on those things that would create jobs.”
The minister also said the drop in crude oil prices presented a good opportunity to reposition the economy, adding that the opportunity for diversification of the economy created by the crisis should not be wasted.
“Everybody is now extremely sober. Every Nigerian is sober. All the governors have realised that oil price can plummet from $110 per barrel to $28 per barrel over such a short period of time and we could be so exposed that we cannot even pay salaries.
“So, there is a sobriety that has come in and I don’t think we should waste it. We are working very hard with the states and we said to them, first of all we are not bailing them out; we have said we would have a fiscal structuring plan. Whatever we are doing is conditional; they must go and drive efficiency.”