EconWatch.com > Govts to share N300bn to boost economy | Vanguard

[Vanguard] Briefing State House Correspondents after the NEC meeting at the Presidential Villa, Minister of National Planning, Dr Shamsudeen Usman, disclosed that the Federation Account Allocation Committee (FAAC) has been directed to work out the sharing formula and by the next week the fund will be shared among the three tiers of government.

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[Businessday :: News you can trust] Stakeholders applaud government's N300bn stimulus package: In what may be termed a desperate move to halt the collapse of the economy, NEC yesterday approved the N300 billion ($2 billion) in extra budgetary spending to ease the credit crunch and boost consumption demand. The fund is expected to come from the excess crude accounts created in 2004, with the aim of shielding the economy from the volatility of crude oil prices. 

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