Nigeria’s Minister of Finance, Kemi Adeosun on Friday said the government will allocate 60 billion naira ($180 million) more spending on capital projects.

The funds will form part of the 2016 budget and addition to earlier releases.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue.

Africa’s largest economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the naira.

The central bank governor has said recession is likely.

Buhari on Thursday said the country needed to balance monetary and fiscal policies in order to return to growth.

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 parliament.

Last month, Adeosun said the country will commence international borrowing in the third quarter of the year.

The government has said it plans to borrow up to $10 billion, with about half of that coming from foreign sources, to help make up a budget shortfall exacerbated by a slump in oil prices.

Nigeria had initially planned to hold Eurobonds road shows in March but postponed sales as investors complained about the overvalued naira, according to bankers.

Nigeria’s government has said it wants to change the balance of its debt portfolio so that 40 percent of its borrowing comes from abroad, compared with 16 percent now. It also wants to extend the average maturity of its debt profile.

Adeosun met international investors in June on a non-deal roadshow in London as Africa’s biggest economy explores fund-raising options to finance a record budget deficit.

The Finance minister said apart from infrastructure investments, the government was reviewing its tax policies to improve collection and widen the net, make its import tariffs more competitive and cut costs to boost the economy.

Nigeria generated 200 billion naira from independent sources this year, which includes revenues from government departments that would have otherwise not been captured in the budget.

The West African nation will tap partnerships with the private sector to boost investment. Adeosun said the government was in discussion with General Electric to develop and operate rail services to improve transport for goods across the country.

http://www.tv360nigeria.com/nigeria-approve-180m-capital-spending-adeosun/

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All we want is results

Better late then never..

ok

This is the only thing her brain has been programmed for , capital project since 2 month now that's the only thing she keep sayin ..nothin else .

This is how NOI started then gradually........

Anything that leads to economic recovery and growth is welcomed

Stories upon stories!!!

Miles300:
This is the only thing her brain has been programmed for , capital project since 2 month now that's the only thing she keep sayin ..nothin else .

Naija oooo,I hail Thee.....This iPod Miscreants are something else.
Quote and Sango will pay you a Courtsey visit

How much is she receiving as salary?

Where

The government that supposed to be spending billions of dollars on infrastructure.

APC proved not to be a good government.

k

Good one.

989900:


The most f00lish comment ever!

How is the comment foolish??

good move


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So it is official that our exchange rate is above 300 naira per dollar

Can some find the exchange rate that transformed the $180mil to #60b


Afonjas good morning

Kk

Afonjas and Hausa-Fulani will destroy this country...watch and see!

Miles300:
This is the only thing her brain has been programmed for , capital project since 2 month now that's the only thing she keep sayin ..nothin else .

What else do you expect? Yorubas simply wants her there as their own Okonjo Iweala.

LoveMachine:
Nigeria’s Minister of Finance, Kemi Adeosun on Friday said the government will allocate 60 billion naira ($180 million) more spending on capital projects.

The central bank governor has said recession is likely.


http://www.tv360nigeria.com/nigeria-approve-180m-capital-spending-adeosun/

You can't spend your way out of a recession this way...

Technically in recession

dat Good

Beautiful woman with deformed brain; make sure your calculations is right this time to avoid lashing you again. How una dey afonjas and waste side, I hail una oooo. Hope you guys are enjoying and eating the chanji from your brother from cannibal north.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue.


By spending the scarce resources in digging holes in the north in the name of searching for oil.

I see nothing wrong with her statement, she good I respect her decision, is not easy to get there. Those saying bad words on her should check their self find more fault in their self than her.

Ok not a bad idea changing our debt portfolio and extended the average tenure period. A 40 percent of foreign debt portfolio is not bad. However, we are approaching the last quarter of the year and I wonder if these borrowings are for 2016 fiscal year or 2017?

2016 is almost over. What achievements will this administration claim for 2016?

On the other hand, the FG should harmonized the tax laws we have and sensitize Nigerians. Many Nigerians are oblivious of the tax laws and what taxes they should pay. Also, since the FG is intensifying its tax collection process, it should be mindful that there are multiple taxes being paid in this country. The aim is to increase revenue based and not kill businesses.

We are in a recession. Aggressive tax collection can discourage investment and kill businesses