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Buhari orders withdrawal of $150m from Nat’l Sovereign Investment to support FAAC disbursement

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The President, Major-General Muhamadu Buhari (retd.), has given approval for the withdrawal of $150m 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.

Read Also: Opinion: COVID-19: What if Chinese doctors assist Nigeria? By Lawal Sale Maida

She said the amount would be withdrawn from the stabilization fund component of the Sovereign Wealth Fund.

The fund is currently being managed by the Nigerian Sovereign Investment Authority.

Zainab said the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account.

The post Buhari orders withdrawal of $150m from Nat’l Sovereign Investment to support FAAC disbursement appeared first on Oak TV Newstrack.



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