Buhari to withdraw of $150m from SWF over Covid-19

…to approach IMF, World Bank, others for funds

OBINNA EZUGWU

Nigeria’s president, Muhamadu Buhari has approved the withdrawal of $150 million from the Sovereign Wealth Fund for distribution to the three tiers of government as part of efforts to cushion the economic impact of Coronavirus.

Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning disclosed this on Monday in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the virus the economy.

According to her, the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund currently being managed by the Nigerian Sovereign Investment Authority.

The Minister said the withdrawal had become necessary due to the drop in government revenue occasioned by fall in global oil price, noting that since January, revenue inflow into the account has been on a decline.

She further noted that the government would be approaching international finance bodies such as the World Bank, International Monetary Fund, African Development Bank to seek extra fund to tackle the economic impact of the virus on Nigeria.