FG Set to Inject $1.1 Billion to Boost Economy

The Federal Government is set to inject an additional 350 billion naira (1.1 billion dollars) into the economy and raise 1 billion dollars from Eurobonds by mid-December to ease the recession.

The Minister of Finance, Mrs Kemi Adeosun, told journalists in Abuja that the additional funding, on top of the initial 420 billion naira released in May, is primarily for capital expenditure projects that would also involve support from local banks and transaction partners.

Mrs Adeosun noted that Nigeria 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.

Aimed at reviving the crashed economy, the government has approved borrowing from the African Development Bank, China, Japan and World Bank with rates of 1.25 percent and a 20-year maturity.