The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Federal Government is in the process of acquiring a 750 million dollar loan, from the world bank to help states as part of efforts to mitigate the effect of COVID-19 in the country.
Mrs. Ahmed disclosed this at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) program, in Abuja, on Friday.
According to her, the loan is to stimulate the local economy and support vulnerable household consumption.
The minister noted that the federal government has created windows of intervention, as captured in the economic sustainability plan inaugurated by President Muhammadu Buhari, in March 2020.
Concerning the civil unrest and COVID-19 impact in Nigeria, the finance minister said the consequences would be too high if government ignores the root cause of the rising anomaly in Nigeria, stating that we fashion out ways of ensuring that post COVID-19 is not injurious to the Nigerian people and the economy
She added that the committee that was inaugurated is to ensure that the implementation of the N-CARES was in line with the Federal Government priorities.
The committee, according to her is made up of ministers and permanent secretaries, as well as a Technical Committee, that consists of directors of key ministries, department and agencies.
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