Finance Minister Máirtín Ó Muilleoir made the announcement as part of a reallocation of funds known as a monitoring round.
He said that when added to the last monitoring round it means the executive has allocated an additional £200m to health in 2016/17.
Health accounts for about half of Stormont's departmental spending.
Last week, Health Minister Michelle O'Neill said her department needed "significant additional funding" to meet growing demand.
When asked on Tuesday if any of the money would be allocated to waiting lists, Ms O'Neill said she "would make her decisions on the allocations of the additional resources as soon as possible within the next few days".
So how will the money be spent?
At this stage there is little detail. However, from the health minister's statement it seems that the money will go directly to unscheduled care which includes emergency departments.
It will also be directed to those areas within hospitals which often experience bed blocking - when patients cannot be discharged as there is nowhere for them to be cared for in the community, including in their own homes.
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Other reallocations include £30m to schools with £5m of that for special educational needs.
There is also £25m for roads maintenance and building schemes and £20m for further education.
Mr Ó Muilleoir said there have been no new spending cuts despite pressure on budgets "as a result of the Westminster austerity agenda".
A large slice of the money which has been reallocated is £30m which had been set aside to mitigate cuts to tax credits.
However, the money is no longer needed for that purpose after the chancellor reversed his plan to cut tax credits.

A stake in a local energy business could cost from just Â£5, and the industry says it could generate an annual return of between 6% and 9%.
The scheme aims to reduce local opposition to renewable energy development.
It has been developed by the renewable industry alongside community groups.
The Shared Ownership Taskforce plan follows similar programmes in Denmark which have been running for more than two decades.
It applies to anything entering the planning system from Monday.
More than 70% of people in the UK nationally say they like wind farms, according to a government survey.
However, proximity often provokes a different response and the wind farms are frequently considered a blot on the landscape.
The government previously insisted that wind farm developers should give local communities Â£5,000 a year for every megawatt of energy installed - to support local initiatives.
The taskforce goes further by insisting that any new applications entering the planning system must offer to sell part of their business to locals - somewhere between 5 and 25%. This can be in the form of directly-owned shares, crowd-funding or debentures.
Nina Skorupska, Chief Executive, Renewable Energy Association welcomes the plan. She told BBC News:  "Elsewhere in Europe this is commonplace, so we're very pleased the UK is also working towards this vision of a more open energy market."
The scheme has been promoted by the Energy and Climate Change Secretary, Edward Davey. He said: "Community energy is revolutionising renewable energy development in the UK, and shared ownership will offer people the opportunity to buy in to the green energy that their own communities are producing."
The Vice-Chair of the Taskforce and an associate of Co-operatives UK, Rebecca Willis, said: "We know from our experience at grass roots level that there's a substantial appetite among local communities to invest in renewable energy."
There are, though, still likely to be areas where local people will prefer to keep their uninterrupted view than to cash in a regular dividend cheque.
Local groups facing shale gas developments in their area may regard the renewables scheme with interest.
Follow Roger Harrabin on Twitter @rharrabin
The Northern Ireland health service is to receive an extra £72m to help deal with pressures in the service.
[NEXT_CONCEPT]
Locals could be offered the chance to buy shares in new wind farms, solar farms and hydro power stations, under new government approved guidelines.