Recession: FG To Inject About $15b Into Economy

Recession: FG To Inject About $15b Into Economy

Recession: FG To Inject About $15b Into Economy

Recession: FG To Inject About $15b Into Economy

About $15 billion will be injected to cushion the effect of economic
recession in Nigeria, the Federal Government has said.

In a communique issued at the end of a ministerial retreat organized
by the Ministry of Budget and National Planning, the government said
that it would inject between $10 billion and $15 billion.

Signed by the Minister of Budget and National Planning, Senator Udo
Udoma, the communique noted that the funds would derived from asset
sales.

Besides asset sales, the country will also generate some funds from
recovered looted funds, Advance Payment for License renewals and
infrastructure concessioning.

To fast track the funds and get it into the economy, the communique
said that an Emergency Economic Recovery Bill is being prepared to be
submitted to the National Assembly.

It noted that this would be stimulated by Presidential Orders and
Directives to aid legislation so that the funds could easily be
injected into the economy.

Reacting to this, Prof. Uche Uwaleke, Head, Banking and Finance
Department, Nasarawa State University, Keffi, bemoaned a situation in
which government would have to sell assets to get funds to run the
economy.

To him, the situation has not gotten to such level of selling the country
assets, adding, “The country can still borrow instead of selling such
assets as Nigeria Liquefied and Natural Gas, NLNG.

Also the Manufacturer Association of Nigeria posited that it would
take about 18 months for the country to get out of recession judging
by the indices available to it.

President of MAN, Mr. Frank Udemba Jacobs, said that government is yet
to set structure to suggest that the recession would be eradicated
before 18 months.

“That means they have only one quarter to get us out of the recession
that is so deep.  We do not believe that. It will take a while.
Changing of attitudes that they are suggesting will take some times.
It won’t happen overnight.

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