Home BANKING & FINANCE Federal Government Hastens Ministries To Reflate The Economy

Federal Government Hastens Ministries To Reflate The Economy

udomaudomaThe Federal Government has hastened Ministries, Departments and Agencies to reflate the nation’s economy by fast-tracking the release of their capital budgets.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who spoke to news men shortly after the Federal Executive Council (FEC) meeting at the Aso Presidential Villa, Abuja, on Wednesday said: “The focus of our deliberation today at the FEC was a review of the economy which we do from time to time.
“On a quarterly basis, the Ministry of Budget and National Planning briefs the cabinet about the economy and the steps that we need to take.
“Council approved that the various MDAs should fast-track the processes for release of their capital budget so that the economy can be quickly reflated.”
According to Udoma, the administration’s promise to release N350 billion into the economy was undergoing some process, adding that while it was easy to release for ongoing projects, new ones would pass through procurement laws.
“The N350 billion indicated is available but there is a process and this is part of the reasons we briefed council.
“There is need to fast-track those processes so that most of those monies will be released very soon.”
Udoma said that the administration expected that the Ministry of Works should make quite substantial release in the next week or so, saying that the release would be easier for existing projects “but new projects are a bit more difficult because of the public procurement”, adding that the impact of the release would be felt soon.
He said that the administration would from time to time announce various amounts released to the economy.‎ [myad]