The Federal Executive Council (FEC) has given Ministries, Departments and Agencies (MDAs) ultimatum to fast track the processes for the capital budgets to be released so that the economy can be quickly reflated. It has also said Nigerians will start feeling the impact of the releases into the economy by the third quarter of this year.
This was disclosed by the Minister of Budget and National Planning, Udoma Udo Udoma, in company with Minister of Information, Lai Mohammed, while briefing State House Correspondents at the end of the meeting presided over by Vice President, Yemi Osinbajo.
The Council’s meeting dwelled largely on the economy and in particular how government can transform the implementation of the budget to reflate the economy.
The Ministry of Works, which has the largest chunk of money is expected to receive its release in the next one week. The government had at the end of a two-day retreat for governors of the 36 states of the federation and members of the National Economic Council (NEC) at the Presidential Villa in Abuja, in March, said it will inject the sum of N350 billion in order to revamp the economy.
It had said part of the money would be used to offset the debt owed local contractors, who had laid off their workers for lack of funds.
Udoma while explaining why the N350 billion was yet to be released said, “the money is available but there is a process and this is part of the reasons we briefed council that there is need to fast track those processes so that very soon most of those monies would be released.