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Covid-19: Buhari Approves The Withdrawal Of $150 Million
President Muhamadu Buhari has given approval for the withdrawal of $150 million from the Sovereign Wealth Fund for distribution to the three tiers of Government.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.
She said that the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.
Zainab stated that the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account.