FG TO ALLOCATE $180M MORE IN CAPITAL SPENDING – ADEOSUN

The Federal Government is to allocate N60 billion ($180 million) more spending on capital projects as part of the 2016 budget and in addition to earlier releases, Finance Minister Kemi Adeosun said on Friday, as it tries to boost the economy.
Africa’s largest economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the naira. The Central Bank governor has said recession is likely.
Government capital spending so far has exceeded N400 billion this year, Adeosun said, despite the record budget being held up for months by wrangling between President Muhammadu Buhari and parliament, reports Reuters.

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