Nigeria’s Finance Minister, Kemi Adeosun, has recently revealed that the government will pump 350 billion naira ($1.76 billion) in the next quarter, in order to revive the county’s economy.
It would be recalled that President Muhammadu Buhari presented a record $30 billion budget in December but asked for its withdrawal a month later to make changes after a further drop in oil prices. The total budget has not changed but the deficit has risen to 3 trillion naira from 2.2 trillion.
Giving details of the amended draft, Finance Minister said the government planned to spend 350 billion naira in capital expenditures in the next quarter alone.
“Companies that had laid off staff and those that had abandoned projects are going back to sites and the economy will bounce back,” she said in a statement, without saying how the spending will be funded.
Senior Nigerian lawmakers said on Tuesday that they expected parliament to pass the 2016 budget this week, after a three-month delay to allow for revisions after a decline in oil prices.
Senate President Bukola Saraki said that parliament would ensure the budget was passed before the end of the week.
Abdulmumin Jibrin, Chairman of the budget committee in the lower house, said the legislature intended to vote on the budget on Wednesday.
“We thank Nigerians for their patience and understanding,” he wrote.
Nigeria to Spend $1.7 Billion in Next Quarter to Revive Economy23/03/2016