The Federal Government
has been urged to speed up release of fund for capital projects as part of measures to help the country out of recession.
A lecturer at the Department of Economics, Ambrose Alli University, Ekpoma, Edo, Prof Ben Aigbokhan,  gave the advice in an interview with newsmen in Abuja recently.
He said that the government should release money for projects to start repairing some of the bad roads as ways of creating jobs and generating income for the populace.
“Then, some of the factories and companies that are already at a standstill or very low capacity levels of production will be encouraged back through fiscal incentives.
“We are having problems with exchange rates but they have fiscal incentives and tax incentives that will encourage them to go into production.
“The incentives will also encourage them to produce and employ people,” the don added.
Aigbokhan, however, said that with such incentives, demand would gradually kick up because recession was measured by output, demand or by expenditure.
He said that those were the indicators and once the indicators were picking up gradually, instead of moving deeper into depression, a country would move back into recovery.
“It may not be immediate, since we are still in July, certainly not but the minimum three to five months we shall be moving out of it,” he said.
According to him, late releases of monies will slow down implementation of projects that will stimulate growth and development.
“Delays compound unemployment problems in the economy, raises price level through supply shortages resulting from low production and reduces growth rate of the economy.”
He advised the government to implement policies that would encourage improved revenue from which public projects were financed to address delays in budget implementation.
He, however, expressed optimism that the country would not experience depression with the efforts of the government to implement its economic policies.
“The point is that for us to be in recession for more than three months, the government is likely to do something; that is what I feel.
“People are shouting, people are protesting, people are crying and people are criticising government, but it will not fold its hands and will just keep on like that.
“Also, the situation will make labour to be less restive while demand for labour is high wages and all that.
“If this kind of information is not brought out to them, they will think there is money up there so this will make them to pipe down a bit.
“It will also make them to be moderate in their demands,” he stressed.
He also advised that government should allow annual budget cycle for timely review of results.
“In four-year political cycle, three-year budget may give less time for appraising government`s performance.
“Medium Term Framework itself may be reviewed in response to unforeseen developments as Nigeria currently faces, ” Aigbokhan said.