May 30, 2020
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April 4, 20202min10890
Buhari seeks NASS approval for additional N500b loan to fight coronavirus
The Federal government has said it needed N500 billion more to fight the novel coronavirus in the country.
To achieve this, President Muhammadu Buhari is seeking the approval of the National Assembly to get loan to establish a N500 billion COVID-19 Crisis Intervention Fund.
Consequently, the Minister of Finance, Budget and National Planning, Zainab Ahmed alongside some senior officials of her ministry met with the leadership of the National Assembly on Saturday to work out modalities for the Presidential request.
“What we are proposing is an establisment of a N500 billion COVID-19 Crisis Intervention Fund,” the minister said.
She added that the proposed fund will require the Federal Government to ramp up N500 billion from various special accounts as loans.
The Minister added that the proposed intervention fund will be sourced from grants and loans from multilateral Institutions.
She explained to the lawmakers that the Fund, if approved, will also take care of special Public Work Programmes currently being implemented by the National Directorate of Employment(NDE).
Earlier in his remarks, the Senate President said the meeting was in fulfilment of an earlier promise to provide support as the need arises in this time of crisis.

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