By Emma Ujah, Abuja Bureau Chief & Chiamaka Ajeamo, Abuja

Minister of Finance, Mrs Kemi Adeousn, said Federal Government was set to release N60 billion for capital projects to stimulate the economy. Adeosun made this known yesterday in Abuja, at an interactive session with newsmen, and said that the disbursement would raise funds already released by the government to N400 billion since May.

She said that contractors had been paid to return to work, adding that very soon Nigerians would begin to see the impact of the administration’s efforts and policies. “So far we have spent N400 billion on capital, that is between May when the budget was signed and now; we are going for another capital allocation meeting where we are going to allocate another N60 billion.

“So, we are pumping money into the economy at a very rapid rate, but it would take a little time for the effect to be felt,” she said. Adeosun disclosed that the administration was encouraged by some results it was getting.

According to her, states known for agriculture are going back to it and generating revenue from it. She expressed optimism of bumper harvest of crops, and said that storage facilities like silos, were being put in place to avoid loss of any harvest.

The minister also said that for Nigeria to survive present economic situation, corruption had to be fought holistically and that infrastructure had to be built to create employment. “Fighting corruption is fundamental and if we stick with that and all the money stolen or diverted is directed at projects that could grow the economy, we would recover,” she said.

She said that a tax committee had been inaugurated to overhaul the entire tax system in the country. She, however, explained that the intention to tax luxury items was not a policy because there was no constitutional provision to tax the items. Adeosun assured that the committee would seek ways to ensure that the right laws were put in place in that regard.