News
COVID-19: Buhari approves withdrawal of $150m from SWF
In a move to help further tackle the effect of the dreaded COVID-19 pandemic, President Muhammadu Buhari has approved the withdrawal of $150 million from the Sovereign Wealth Fund for distribution to the three tiers of government.
This was disclosed on Monday by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed at a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.
According to her, the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund being managed by the Nigerian Sovereign Investment Authority (NSIA)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 stated that the money was to help cushion the negative impact of the drop in revenue on the federation account.
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