Nigeria Set To Inject $1.1 Billion To Boost Economy

     

      Federal government to inject N350 billion into the economy. Speaking with reporters in Abuja today, Adeosun also disclosed that there are plans to also raise $1 billion from Euro-bonds by mid-December to ease the recession.


     N350 billion being injected will be directed towards capital expenditure projects. “We are raising money. As you know the Euro-bond capital raise is on. We are about to appoint advisers so we we will be raising additional $1 billion.
According to her, the government plans to borrow a total of 1.8 trillion Naira at home and abroad to fund an expected budget deficit of 2.2 trillion Naira.

         In an attempt to reviving the crashed economy, the government has approved borrowing from the African Development Bank, China, Japan and World Bank with rates of 1.25 per cent and a 20-year maturity.

       We have approvals in that plan from the World Bank, ADB, with interest rates as low as 1.5 per cent and tenures as low as forty years to intervene in some specific areas which include agriculture, education, health, rebuilding of the northeast and of course the railway project that are very key to what we are doing,” Mrs Adeosun explained.