News: FG To Inject N350bn Into The Economy

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Minister of Finance, KemiAdeosun, today disclosed
plans by the 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.

According to Adeosun, the 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.

Two weeks ago we approved the external
borrowing plan and that was very important,”she
said

The Minister said the Federal government plans to
borrow N1.8 trillion from the African Development
Bank, China, Japan and World Bank with rates of
1.25 per cent and a 20-year maturity. She added
that the borrowed money will be used to fund an
expected budget deficit of N2.2 trillion.

“When we said we will borrow, we said we will
borrow the cheapest money first. We have
approvals in that plan from the World Bank, ADB,
with interest rates as low as 1.5% 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 rail
way project that are very key to what we are
doing”she said

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