The Federal Government Friday said plans have been concluded to inject N350 billion into the economy next week in order to stimulate economic activities.
It also noted that the process of obtaining $1 billion Eurobond had commenced, noting that it would be concluded before this year ends.
The government further stated that its pledged feeding programme, recruitment of 500.000 teachers and payment of N5000 to vulnerable citizens would commence this month.
The Senate, Comrade Joe Ajero-led Nigeria Labour Congress (NLC) and Nigerian Insurers Association have hailed the development but demanded more measures in order to ameliorate the hardship across the land.
However, capital market operators said that FG’s decision would not have any noticeable impact on the economy, while contractors under the auspices of Federation of Construction Industry, FOCI, lamented that they were being owed over N2 trillion by the federal government.
Nonetheless, the Minister of Finance, Mrs. Kemi Adeosun, who revealed the government’s plan yesterday in Abuja while briefing newsmen, said the funds would be paid to Ministries, Departments and Agencies.
In addition, she said when the N350 billion would be released, it would mean that the federal government had disbursed N750 billion for capital projects this year having released N400 billion earlier.
She said N60 billion had been set aside for social investment, adding that the funds so far released went into on-going projects especially defence, transportation, interior, power and agricultural projects.
The minister revealed that Integrated Personnel Payrolls Information System ,IPPIS, had eliminated about 40, 000 ghost workers, thereby saving N10 billion for the country monthly.
In that light, she noted that government’s wage bill had been reduced from N165 billion to about N155 billion monthly.
Continuing, she added that a fresh forensic audit of the payrolls would be carried out, stating that about 30, 000 workers currently on the payroll are not on the nominal rolls of MDAs.