Nigeria’s Minister of Finance, Kemi Adeosun, on Friday, enunciated intervention measures being employed by the Federal Government to boost the economy and assured that the present economic recession in the country will be short-lived.
Addressing journalists in Abuja, Adeosun stated that the Buhari administration was already working on plans to stimulate the economy and ensure that the recession is not prolonged.
“We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession. From what we are looking at we do not think that it will be a prolonged recession; we think that some of the initiatives that we are working on will now begin to bear fruits. We are on course and are confident that the plan we have put together will work and put the economy back on track.”
Part of the measures being put in place, according to Adeosun, includes the release of funds for various projects in the country.
“What government wants to do is to step in and begin to spend and pushing more money into the economy and then get things moving again. Since the budget was passed in May, we have released N420bn. As we speak now, we are about releasing another N350bn. Everything has been between May and now. One of the sectors we spent the money on, of course the largest, has been power, works and housing. Quite a lot has gone on defence because we need to rebuild the credibility of our Army.”
Adeosun stressed that the government is also paying attention to agriculture, water resources and solid minerals, adding that the Federal Government is concerned with ensuring that the economy is boosted and there is no relapse after this time.
“It is a long term plan that would reposition the economy so that we do not go into this boom and burst circles that are driven by the oil price. The economy has to be more resilient than that so that we do not find ourselves back where we are.’’
The minister noted that a major challenge confronting the people is the cost of living and regretted that the people have been forced to take the responsibilities of government upon themselves.
She said the government has also set about N60bn for the implementation of the social intervention programme and N50 billion has been set monthly to assist some states in the payment of salaries.