By Moses Ebosele –
AS part of measures to stimulate the Economy, the Federal Government has paid road contractors who had not been paid in over two years N70 Billion.
Speaking on Thursday in Lagos the Vice President, Prof Yemi Osibajo explained that the development has resulted in the recall of not less than 5000 workers.
Osibajo, who spoke at the Presidential policy dialogue organized by the Lagos Chanber of Commerce and Industry (LCCI) said: “Indeed, work has started on sections of Kano-Katsina; Kano-Maiduguri; Ilorin-Jebba; and Lagos-Ibadan roads amongst others”.
The Vice President decribed the private sector as the engine of growth in successful economies.
He said:“This is why we continue to support and encourage massive investments by private investors and key employers of labour as demonstrated by the development of the Dangote Refinery, the Indorama Eleme Petrochemical facilities, Honeywell Sorghum Plant as well as the Golden Sugar and Savannah Sugar projects”.
He informed the audience that “we have already made capital releases of
N332billion, which is more than the entire amount released last year for capital expenditure, with another N100 billion set to be released in the next few days”.
Lamenting the dwindling state of Nigeria’s economy, the Vice President said Gross Domesic Product (GDP) declined from 6.3% in 2014 to 2.15% in 2015 and -0.36% in Q1 2016.
Also, Foreign Direct Investment (FDI), which stood at about $395 million in Q1 2015 declined by 56% to $175million by Q1 of 2016.
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