Minister of Finance and coordinating Minister of the Economy, Wale Edun, disclosed this to journalists on Friday at a press briefing to outline some of his headline policy plans for the nation’s economy.
Mr Edun said the facility was a blend of grant and borrowing by the federal government to the 36 States and FCT. He said the fund was not part of the proposed $800 million World Bank loan to cushion the effect of the subsidy removal. The minister said the Federal Government had to hold back on the balance of N3billion to avoid a spike in inflation figures if the funds were released at once.
The Minister said while the government cannot rely on borrowing to fund the national budget, it will mobilise revenue from improved oil production to earn more forex and create the enabling environment for local and foreign investors to come in to create jobs and improve the economy.
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