Connect with us

Economy

COVID-19: Buhari approves withdrawal of $150 million for three tiers of government

Published

on

Spread the love

Nigeria’s Minister of Finance,  Budget and National Planning,  Mrs Zainab Ahmed disclosed on Monday that President Muhamadu Buhari has approved the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.

The Minister stated this during a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.

Read Also:  COVID-19: Diaspora remittances drops by $1.02 billion - CBN

She said the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.

The fund is currently being managed by the Nigerian Sovereign Investment Authority. 

Zainab said the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account.

Read Also:  APC crisis: Buhari not a good party manager - APC chieftain

Trending

Contact Us:

  • Address: Address: 1st Floor,  Nwakpabi Plaza,  Suite 110, Waziri Ibrahim Crescent, Apo,  Abuja
  • Tel: +234 7036084449, +234 8066722600, +234 7012711701
  • Email: info@capitalpost.ng

Quick Links: