The Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government has already pumped N109billion of its promised N350billion into the economy. Speaking on Channels Television Programme – Sunrise, yesterday, Adeosun said the balance of the amount is being held back because of the need to meet with due process requirements. According to her, “N109billion out of the N350billion has already been disbursed. The funds are ready, however, there are procedural delays, due to the required public procurement processes.” She said 35 states have applied to access the N90 billion loan earmarked by the Federal Government to boost state governments’ fiscal sustainability capabilities, saying the states “are in the process of submitting the required documentation which are being reviewed.” According to her, if Nigeria is to achieve sustainable growth, it needs a planned approach to financial discipline, targeted investment and economic diversification, pointing out that government’s Economic Plan is strong on fiscal discipline. The Minister further said,“The people know we need to get our country working, and to do that, we need to do three things: get the country’s spending in check with firm financial controls, raise money for targeted investment in much needed infrastructure and see us diversify the economy from a damaging dependence on oil.”
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