Nigeria: Govt to release N100b for Power, Housing, other projects

*Vice President Yemi Osinbajo of Nigeria.

*Vice President Yemi Osinbajo of Nigeria.

Kunle Kalejaye

11 August 2016, Sweetcrude, Lagos —
The Nigerian Government is set to release N100 billion in the next few days to fund capital projects in Power, Housing, Transport, Agriculture and Defence in the country.

Vice President, Yemi Osinbajao who stated this in a Business forum in Lagos said the fund is part of the 2016 N6.06 trillion budget, adding that the country will cap capital spending at a minimum of 30 percent.

“We have pledged to keep capital spending at a minimum of 30 percent of the 6.06 trillion naira budget,” Osinbajo said.

He also said many of the 36 federal states still struggles to pay the salaries of civil servants, despite assistance from the federal government.

Commenting on flexible exchange rate policy introduced by the Central Bank of Nigeria, CBN, in June, the Vice President said it has eased pressure on foreign reserves.

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