07 April 2020 : President Muhamadu Buhari has approved the withdrawal of $150m from Sovereign Wealth Fund, which is to be distributed amongst the three pillars of the government.

At a recent media briefing, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, explained the same stating that this withdrawal was quintessential to mitigate the hazardous impact of the virus on the economy.

She continued to explain that since January, the revenue inflow into the federation account has dropped significantly, which in turn affected the amount which was being given to the arms of the government.

She also mentioned that the national government would also seek help from international financial institution : World Bank, International Monetary Fund, African Development Bank among others to fight this great pandemic.

President Buhari had set up a Special Ministerial Task Force early this March, headed by Ahmed. Other members include the Minister of State, Budget and National Planning, Clem Agba; Minister of State for Petroleum, Timipre Silva; Governor of Central Bank of Nigeria, Godwin Emiefele, and the Group Managing Director of NNPC, Mele Kyari. The main role of this force would be to develop and advise the national government on its economy and stimulus packages.

Reporting for EasyKobo on Friday , 07 April 2020 in Lagos, Nigeria