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President Buhari Approves Withdrawal of $150m From Sovereign Wealth Fund

In a bid to cushion the negative impact of the drop in revenue on the federation account, President, Muhammadu Buhari has approved the withdrawal of $150million from the Nigeria Sovereign Investment Authority stabilization fund to support the June 2020 Federal Allocations' distribution to the three tiers of government.

 

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who made this known at a World press conference today in Abuja, said the Federal government is currently engaging the Central Bank of Nigeria(CBN) to agree on a Debt and Interest suspension for States on Federal Government and CBN-funded loans to create fiscal space for the States.

 

The Minister disclosed that the Government has provided the sum of 0ne hundred and two point five billion naira in resources to be made available for direct interventions in the healthcare sector from the five hundred billion naira Covid-19 crisis intervention.

 

Our Correspondent, Raliat Adenekan reports that the N500billion Covid 19 Intervention funds would also focus on the Agricultural sector to mitigate the food crisis which would in turn create employment opportunities for about 774,000 Nigerians.

 

The Minister also disclosed the government has applied for funding from the World bank/ international monetary fund's COVID-19 Rapid Credit facility to withdraw up to 3.4billion dollars from the country's existing contributions which she noted is not tied to any conditionalities.
 

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