FG to Allocate Extra N60 Billion in Capital Spending on Power, Others – Adeosun

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Nigeria’s Finance Minister Kemi Adeosun said on Friday that the federal government is to allocate 60 billion naira ($180 million) more spending on capital projects such as power, infrastructure and roads as part of the 2016 budget and in addition to earlier releases, Reuters reports.

Nigeria’s economy is in the middle of its worst financial crisis for decades as a slump in oil revenues from low oil prices and militant attacks hammer public finances and the naira, with a recession highly likely to occur as a result.

Government capital spending so far has exceeded 400 billion naira this year, Adeosun said, despite the record budget being held up for months by wrangling between President Muhammadu Buhari and the National Assembly.

 

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