CBN will spend $3billion to stabilise economy – NEC

The National Economic Council, NEC, has affirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira.

The Nigerian currency whose value has continued to fluctuate in the Investors & Exporters’ window hit N1000/$ earlier this month.

Nasarawa State Governor, Abdullahi Sule, addressing State House correspondents on Thursday after the NEC meeting, said; “So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3bn shall be useful to us down the line.”

In August, the Nigerian National Petroleum Company Limited revealed that it secured an emergency $3bn crude repayment loan from Afrexim Bank to relieve pressure on the naira.

Speaking on when the intervention would kick in and if there would be a need for a supplementary budget, Sule added; “The $3bn that was taken in order to stabilise the naira. As you have seen we have a new team at the CBN and the new team that is just coming in is asking for a little bit of time in order to work out the modalities.

“It is one thing to take the loan it is another to plan the process of the stabilisation because it’s going to take a while.

“The CBN governor was just confirmed a few days back and he started rolling out his plans of what to do.”

On the supplementary budget, the governor said; “Supplementary budget is a request that will come as a result of whatever is happening right now. I’m not sure there is a need for a supplementary budget immediately. So far, there have been no supplementary budget requests that were presented to NEC.”