JOHANNESBURG - President Muhammadu Buhari has approved the withdrawal of $150 million for distribution to the three tiers of government in a move to further tackle the spread of Covid-19.
Online publication, Ripples Nigeria, reported that this was disclosed on Monday by the minister of finance, budget and national planning, Zainab Ahmed, at a media briefing on the fiscal policy measures to tackle the impact of the pandemic on the economy.
"The minister has told us what the plan of the executive is, particularly in establishing a N500bn Covid-19 Crisis intervention fund, which will be chanelled into upgrading our healthcare facilities at national and state level, as well as provide intervention for states," Senator Ahmad Ibrahim Lawan said via Twitter.
According to Ripples Nigeria, Ahmed said the amount would be withdrawn from the stabilisation fund component of the sovereign wealth fund being managed by the Nigerian sovereign investment authority (NSIA)
The minister further said that the money was to help cushion the negative impact of the drop in revenue on the federation account.
The Nigeria Centre for Disease Control (NCDC) has confirmed eight new cases of Covid-19 since Monday in the country bringing the total up to 232. The centre has also recorded 33 recoveries and five deaths.
The Nigerian governors' forum (NGF) has called for urgent fiscal measures to safeguard the liquidity of state governments by restructuring debt service payments, among other measures, as the country grapples with the impact of Covid-19.
Members of the forum also discussed the legality or otherwise of lockdowns in states around the country and resolved to maintain the status quo until the chairperson and governor of Ekiti state discussed the issue with the presidential committee on coronavirus.