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Coronavirus: FG to Borrow N500 Billion for intervention fund, Seeks NASS Approval

Minister-of-Finance

Coronavirus: The Federal Government of Nigeria is awaiting approval of the National Assembly to borrow N500 Billion Naira as Intervention fund for the Coronavirus.

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Saturday met with the leadership of the National Assembly to intimate them of an executive proposal for the establishment of a N500 billion COVID-19 Crisis Intervention Fund.

Mrs Zainab, alongside senior officials from the finance ministry, held the meeting with the President of the Senate, Ahmad Lawan and the Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila.

Mrs Zainab Ahmed

Mrs Zainab Ahmed

The meeting was also attended by the Deputy Senate President, Senator Ovie Omo-Agege, Deputy Speaker, Hon. Idris Wase and some other principal officers from both Chambers.

AUTHENTIC ALSO POSTED ABOUT CORONAVIRUS: Live Updates: Coronavirus (Covid-19) in Nigeria

“What we are proposing is the establishment of a N500 billion COVID-19 Crisis Intervention Fund,” the minister told the parliamentary leaders.

“This Fund that we are proposing, that should be created, will involve mopping up resources from various special accounts that the government and Federation has, to be able to pull this N500 billion,” the minister said.

Mrs Ahmed said, in addition to the identified special accounts from where the money will be drawn as loans, the proposed intervention fund is also expected to be sourced from grants being expected and loans from multilateral institutions.

“Our general view is that this crisis intervention fund is to be utilised to upgrade healthcare facilities as earlier identified.

“The Federal Government also needs to be in a position to improve health care facilities not only in the states but to provide intervention to the states,” Mrs Ahmed said.

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).

“We know that there will be a need for the parliament to agree and approve the taking of loans from these special accounts and we will be coming back with a proposed bill in that regard that will define what the fund will be used for,” the minister said.

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.

“Just like we told Nigerians when there is a need for us to meet or to take legislative action in support of ensuring that the government responds appropriately to developmental issues and challenges in the country, we will do so.

“This meeting, the second in the series after we shut down the National Assembly for two weeks, is a clear testimony of what we have said.

“Governance requires that we work together, so we want to listen to those things that you have on your side and how we can also play our constitutional role in ensuring that Nigerians continue to benefit from governance and how we can weather the storm created by COVID-19.

“Going forward, we need to interact more because very fundamental decisions will need to be taken, and these decisions can only be said to be constitutionally legal if the legislature gives its stamp of authority for the executive to implement and execute.

“I think coming to us for those loans is critical because we are in an emergency and time is of the essence. So, we must work as expeditiously as possible to ensure that we place the request before the National Assembly.

“I think the time has come for us to redefine the implementation of the Social Intervention Programme, probably going out to communities to give them N20,000 per person might not be the best way to go. It is still an effort, but I think we need a better approach that will be more efficient,” Lawan said.


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2 Comments

2 Comments

  1. Dubem

    at

    Nothing good will ever comes out from animal kingdom called Nigeria where is all the money from this country? Each one of this monsters looted the whole money kept in foreign banks while seeking for borrow more money that’s why Nigeria was seen as animal kingdom

  2. Pingback: Sani Omolori, NASS Clerk, Secretary, 148 Others Sacked | Authentic News Giant

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