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Nigeria to inject $1.7 billion to stimulate economy

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Staff writer ▼ | March 25, 2016
Kemi Adeosun
Africa   The two-day National Economic Council retreat

The Nigerian government has concluded plans to inject 350 billion naira ($1.7 billion) to stimulate the economy, Minister of Finance Minister Kemi Adeosun said.

The fund which expected to be released in the next few months as soon as the 2016 appropriation bill is signed into law, will stimulate significant economic activities, Adeosun said in Abuja at a media briefing at the end of the two-day National Economic Council retreat.

She said the ministry was already discussing with some of the contractors who would be paid the money.

"We are specifically looking at contractors who have laid-off staff and how many Nigerians are they going to put back to work as a result of this money that we are planning to release," she added.

The minister said the retreat discussed funding of the Universal Basic Education Commission and the need to get legislative approval to reduce counterpart funding paid by state governments.

According to her, counterpart funding was exacerbating the indebtedness of state governments, noting that the federal government planned to reduce that requirement temporarily from 50 percent to 10 percent.


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