ABUJA Oct 1 Nigeria has spent 720.5 billion
naira ($2.4 billion) on capital expenditure this year to help
drag Africa's biggest economy out of recession, President
Muhammadu Buhari said on Saturday.
"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
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
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
stabilise, after dropping to record lows due to a "critical"
shortage of hard currency amid low oil prices. He did not
($1 = 304.5000 naira)
(Reporting by Felix Onuah; Writing by Ulf Laessing; Editing by