Buhari To Withdraw $150m From Sovereign Wealth Fund To Battle COVID-19 Pandemic

*Nigeria’s Minster of Finance, Mrs Zainab Ahmed

The administration of President Muhamadu Buhari has approved the withdrawal of $150m from Nigeria’s Sovereign Wealth Fund (SWF) for distribution to the three tiers of government. The fund is to support in the fight against the containment and spread of the dreaded Coronavirus (COVID-19) pandemic.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the disclosure on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the coronavirus pandemic on the economy. Zainab said the amount would be withdrawn from the stabilisation fund component of the SWF. The fund is currently being managed by the Nigerian Sovereign Investment Authority.

According to her, since January, revenue inflow into the account has been on a decline – a situation, she explained has affected the amount distributed to the three tiers of government by the Federation Account Allocation Committee (FAAC). She added that the government would be approaching international finance institutions such as the World Bank, International Monetary Fund, African Development Bank among others in the days ahead to seek an additional fund to tackle the economic impact of the COVID-19 pandemic on Nigeria.

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