The Federal Government of Nigeria has approved N650 billion ($2billion) for social and infrastructural development programmes in the country, the Minister of State for budget and planning, Zainab Ahmed (photo) has revealed.

According to Ahmed, the fund falls under the 2017 budget which aims to restore the recession-hit economy.

She added that the budget identified several challenges in 2016 that needed to be addressed. These challenges include crude oil shortages, significant scarcity of foreign exchange, high inflation rate and a slowdown of key sectors which resulted in lower quality and non-performing loans.

“The 2017 budget was designed to expand partnership between the private sector and the government to foster growth and develop infrastructure projects. We discovered serious infrastructure deficit, which is why we planned to improve infrastructures to attain quick and positive economic retreat. We made provision of N100 billion for social housing to deepen market system, N50 billion for industrial pact designed to attract capital from private sector and N500 billion for empowerment programmes. All these were put in place to achieve macro economy stability, diversification, improve business and be able to compete globally,” said the official.

Anita Fatunji