The Finance Minister, Mrs. Kemi Adeosun, while side-stepping questions on the controversy that arose last week after her call on the Central Bank of Nigeria (CBN) to reduce the policy rate at its last Monetary Policy Committee (MPC) meeting, stated at the weekend that the federal government was painstakingly fashioning out appropriate measures to reflate the economy, affirming that it had adopted a potent strategy to stem the economic recession through spending on capital projects.

Adeosun said investing in capital projects, including roads, railway projects, housing and education, among others, would trigger a ripple effect on the economy and impact potentially on the populace, stressing that infrastructure was not only the fulcrum, but the superstructure on which development revolves.

She said the quest to inject massive spending on capital projects had ignited government’s move for external borrowing because of the cheap interest rate potential inherent in foreign loans.