President Muhamadu Buhari, on Monday the 6th of April 2020 gave the approval to withdraw $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.
According to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed to the press in Abuja, the fund is one of the policy measures the government has adopted to tackle the impact of the Coronavirus pandemic on the economy.
Ahmed added that amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund. The fund is currently being managed by the Nigerian Sovereign Investment Authority.
Another measure or step the government will take according to the finance Minister, is for the country to approach some international financial institutions such as International Monetary Fund, World Bank, etc.
Buhari had last month set up a Special Ministerial Task Force to seek ways and advise on the general economic outlook, stimulus plans, and packages to save the Nigerian economy.
The task force headed by Ahmed is made up of the Minister of State, Budget and National Planning, Clem Agba; Minister of State for Petroleum, Timipre Silva; Governor of Central Bank of Nigeria, Godwin Emiefele, and the Group Managing Director of NNPC, Mele Kyari.
Every country across the globe are looking for ways to keep their different economies from going into recession since the conronavirus pandemic which has led to disruptions in the global supply chains, turmoil in global stock and financial markets. It has also left a lot of people unemployed and disrupt many means of livelihood.