 |
| President Muhammadu Buhari |
Nigeria has spent ₦720.5
billion (US$2.4 billion) on capital expenditure this year to help drag Africa's
biggest economy out of recession, President Muhammadu Buhari said on Saturday.
Reuters
report continues:
"I
believe that this recession will not last," Buhari said in a televised
speech marking the country's Independence Day.
"Several
hundreds of thousands of (unemployed) workers will be re-engaged in the next
few months as our public works programme gains momentum."
Buhari
also said the government has been negotiating to end militant attacks on oil
and gas facilities in the Niger Delta, the country's oil hub, but would not be
intimidated by armed groups.
He
said oil production had temporarily dropped to less than one million barrels a
day, down from 2.2 million bpd, due to militant attacks, but he did not say how
much current output was.
Buhari
also reiterated the government wanted to repair the country's four refineries
to end costly fuel imports.
He said the naira exchange rate to the dollar would stabilize, after dropping to record lows due to a "critical" shortage of hard currency amid low oil prices. He did not elaborate.
No comments:
Post a Comment