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FG to disburse N583 billion World Bank’s COVID-19 fund to 36 states

FG to disburse N583 billion World Bank’s COVID-19 fund to 36 states

The federal government is planning to disburse $1.5 billion (about N583 billion) from World Bank to the thirty-six states of the federation as part of economic stimulus to cushion the impact of the COVID-19 pandemic

Minister of Finance, Zainab Ahmed made this known in a media briefing at State House after the virtual National Economic Council (NEC) meeting on Thursday.

She stated that the World Bank maintains that the impact of the COVID-19 on Nigeria will lead to severe amplified human and economic cost, which will move the country into a recession.

“The World Bank planned a proposed package for immediate fiscal relief for the FG.

“This will also involve policy-based policy budget support for the Federal Government, focusing on measures to maintain macro financial stability and create fiscal space for proposed stimulus.

“The World Bank package has also got a proposal of 1.5billion dollars for the states and this package will be dedicated to the states and it will be a programme for results which the states are already used to implementing.’’

“We are looking at an average of between N150billion to N200billion based on the plan to the 36 states.

“ These are states that have already made some particular commitments and achievements so that they will be able to get immediate disbursements of parts of these funds, Ahmed said.

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