COVID-19: Buhari Orders Withdrawal Of $150m From Sovereign Wealth Fund

Finance Minister Mrs Zainab Ahmed

SAN FRANCISCO, April 06, (THEWILL) – President Muhamadu Buhari has ordered the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.

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She said the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund currently being managed by the Nigerian Sovereign Investment Authority.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 due to the COVID-19 pandemic.