FG: We Have What It Takes to Turn Economy Around

• Says due process holding back release of N350 billion

Tobi Soniyi in Abuja

The Federal Government has said that it understood the ‎present economic situation in the country and has the magic wand to turn it around.

Government also said following due process has caused a delay in releasing the N350 billion it pledged to inject into the economy to reflate it.

Government had promised to release the money immediately the 2016 budget was passed.

Briefing State House correspondents after the Federal Executive Council (FEC”s) meeting chaired by the Acting President, Yemi Osinbajo, on Wednesday, Minister for Budget and National Planning, Senator Udoma Udo Udoma, said government had mandated the ministries, departments and agencies (MDAs) to fast-track the processes for the capital budgets so that the economy could be quickly reflated.

Udoma, while commenting on the delay in the release of the N350 billion, 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 will be released. We expect in the ministry of works, they should have quite substantial release in the next week or so.

“It’s easier for us for existing projects but new projects are a bit more difficult because of the public procurement. The public procurement you have to advertise and you have to wait for six weeks and so on. So new project will take a bit longer. But existing projects that have already gone through the public procurement process‎ will be faster and I believe that you will soon start seeing the impact of those releases,” he assured.