FG Release N400 Billion For Capital Projects

The Federal Government says it has released N400 billion from the 2016 budget to implement capital projects and an additional N60 billion will be released in a few days time.

Addressing newsmen on the state of the economy, Minister of Finance, Mrs Kemi Adeosun, disclosed that “over N400 billion has been released so far from the allocated funds for capital expenditure. We are holding another meeting today (Friday) for N60billion to be released in a couple of days.
We have been pumping money into the economy since May when the budget was signed.”

Speaking on the recession that the country has slid into, the finance minister assured that the country will come out of it. However, to overcome recession, Adeosun insisted that “if we stick to what we are doing: fight corruption, redirect stolen funds to the economy, cut out wastage, duplication and leakages, continue with the payroll clean up of the N165bn Federal Government wage bill monthly, the economy will recover.”

According to her, “Nigerians will soon begin to see the sign posts of recovery”.

Comments

Photo: How Goodluck Jonathan Remembers Yar' After 6 Years

The former President took to his twitter account as he remembers his former boss Late President Yar'adua. See his tweet.

PHCN - More Blackouts As Electricity Drops To 1,580MW

The highly pronounced power failures across the country in the past few days may worsen following a partial system collapse that occurred on Tuesday, and the continuous drop in electricity generation due to what the government says is the vandalism of pipelines that supply gas to the power plants. As a result, power generation dropped to 1,580.6 megawatts on Wednesday.Data from the Nigeria Electricity System Operator as well as information from senior officials of the different electricitydistribution companies confirmed that power generation plummeted massively on Tuesday and Wednesday. The officials noted that this resulted in the reduction of the electricity load allocated to the Discos, stressing that this was why many parts of the country had been recording blackouts in the past few days.It was learnt that the partial system collapse that occurred on Tuesday happened at the Shiroro Power Plant and dragged down electricity generationto as low as 1,233.4MW from a peak of 3,207.7MW...

Mikel Obi Donates N11million To Nigerian Olympic Team

Reports says that Chelsea's midfielder John Mikel Obi has donated $30,000 to the Nigeria Olympic group in Atlanta, prior to this coach Samson Siasia has been making noise of how the team lacks adequate funding and calling on the NFF to also pay his outstanding 5 months salary. It would be recalled also that it was an anonymous who paid their bills for 10 days they stayed in America. Mikel was named the skipper of the Olympic team in Rio.

Oyinkis Blog

Search This Blog