By our reporter| President Muhamadu Buhari has approved the withdrawal of $150m from the Sovereign Wealth Fund to be distributed to the three tiers of government.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the diclosure 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According to her, the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund being managed by the Nigerian Sovereign Investment Authority.
The withdrawal, the minister said, was to cushion the negative impact of the drop in revenue on the federation account.
More to follow…
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