COVID-19: BUHARI APPROVES WITHDRAWAL OF $150M FROM SOVEREIGN WEALTH FUND
The President, Muhammadu Buhari, has given approval for the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of Government
This was disclosed by the Minister of Finance, Mrs Zainab Ahmed, on Monday 6th, April in Abuja during a press briefing on the fiscal policy measures to curtail the effects of COVID-19 on the economy
Zainab stated that, the reason for withdrawal is to cushion the Negative effect of the drop in revenue on the Federation account.
She said, the January revenue inflow has been declined and has affected the amount distributed to the three tiers of government.
She restated further that, the government would be needing the assistance of international Finance institutions such as World Bank, International Monetary Fund, African Development Bank for additional fund to combat COVID-19 and its effect on the economy.
A special Ministerial Task Force to seek ways and advice on the general economic outlook has been set up by the President.
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