Thursday 9 June 2016

Photos: Due Process Stalls the Release of N350billion Into Economy - Presidency Speaks Out

The presidency has said Nigerians will start feeling the impact of the N350million that will be released into the economy by the third quarter of this year. 

Minister, Udoma Udo Udoma
While briefing State House Correspondents at the end of the Federal Executive Coun­cil (FEC) meeting, the Minister of Budget and Na­tional Planning, Udoma Udo Udoma, unbehalf of the presidency, has given Minis­tries, Departments and Agen­cies (MDAs) ultimatum to fast track the processes for the capital budgets to be re­leased so that the economy can be quickly reflated. 
Udoma who in company with Minister of Information, Lai Mohammed, also said Nigerians will start feeling the impact of the re­leases into the economy by the third quarter of this year.
The Council’s meeting which was pre­sided over by Vice President, Yemi Osinbajo, dwelled largely on the econo­my and in particular how gov­ernment can transform the implementation of the budget to reflate the economy.
The Ministry of Works, which has the largest chunk of money is expected to re­ceive its release in the next one week. The government had at the end of a two-day retreat for governors of the 36 states of the federation and members of the National Eco­nomic Council (NEC) at the Presidential Villa in Abuja, in March, said it will inject the sum of N350 billion in order to revamp the economy.
It had said part of the mon­ey would be used to offset the debt owed local contractors, who had laid off their workers for lack of funds.
Udoma while explaining why the N350 billion was yet to be released said, “the mon­ey is available but there is a process and this is part of the reasons we briefed council that there is need to fast track those processes so that very soon most of those monies would be released."

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