The federal government is to allocate N60 billion ($180 million) more spending on capital projects, as part of the 2016 budget.

Mrs. Kemi Adeosun, Minister of Finance, said on Friday that the allocation was an addition to earlier releases, aimed at boosting the economy.

The minister said that, so far, government has spent over N400 billion on capital projects.

She told reporters that the money was spent between May, when the budget was signed, and August.

“Even as we leave here now, we are going for another capital allocation meeting where we are going to allocate another N60 billion.

“We are pumping money into the economy at a very rapid rate,” she said.

On when the recovery of the economy would likely begin, she explained that the process would take a little time due to the procurement process that requires proper scrutiny.

“There is a balance between speed and transparency. If we say to them, quick, quick , quick, just work with the contractors you have, that is not necessarily fair on the rest of Nigeria,” she said.

(Channels)