Minister of Finance, KemiAdeosun, today
disclosed plans by the Federal government to
inject N350 billion into the economy.
Speaking with reporters in Abuja today,
Adeosun also disclosed that there are plans
to also raise $1 billion from Euro-bonds by
mid-December to ease the recession.
According to Adeosun, the N350 billion being
injected will be directed towards capital
expenditure projects. “We are raising money.
As you know the Euro-bond capital raise is
on.
We are about to appoint advisers so we
we will be raising additional $1 billion.
Two weeks ago we approved the external
borrowing plan and that was very
important,”she said
The Minister said the Federal government
plans to borrow N1.8 trillion from the
African Development Bank, China, Japan and
World Bank with rates of 1.25 per cent and a
20-year maturity.
She added that the
borrowed money will be used to fund an
expected budget deficit of N2.2 trillion.
“When we said we will borrow, we said we
will borrow the cheapest money first. We
have approvals in that plan from the World
Bank, ADB, with interest rates as low as
1.5% and tenures as low as forty years to
intervene in some specific areas which
include agriculture, education, health,
rebuilding of the northeast and of course the
rail way project that are very key to what we
are doing”she said
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