NEWS

 government has released funds to battle recession Kemi Adeosun says government has released funds to battle recession The monies are meant for capital projects in key sectors of the economy such as power, works and housing, interior, transport, agriculture and defence. Adeosun said another N350 billion will be released at the end of the cash planning meeting on Friday to enter into the accounts of the various ministries, departments and agencies’ (MDAs). READ ALSO: Panic as President Buhari goes after the 36 state governors to rescue local govts Some N60 billion would be released for social intervention programmes, including school feeding ne to ensure food production was restored to bring down rising food prices. A lot has gone in for defence, because we needed to rebuild and retool the capabilities of our army, to continue with the efforts in the North East part of the country,” Mrs. Adeosun explained. She added: “We are working with the ministries to try to speed things up. We are working with the Bureau for Public Procurement (BPP) to see how to fast track the process of contracts so the delays could be removed, so that monies could trickle down into the pockets of Nigerians. “We have strategic plans to take us out of recession. We want to ensure the recession is as short as possible. We don’t want to prolong the recession. We think some of the initiatives we are working on will begin to bear fruits. Already there are activities resuming on roads, power, health, solid minerals, water resources,” she said. You can read more on President Buhari’s reaction to recession Emergency meeting: Buhari unveils plans to boost economy, end recession.