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President Muhamadu Buhari has approved the withdrawal of $150million from the stabilisation fund component of the Sovereign Wealth Fund (SWF). The money is earmarked for distribution to the executive, legislature and judiciary arms of government.
The approval was disclosed on Monday in Abuja by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, when she addressed the media on the protective policies to aid the country in combating the pandemic effect of coronavirus on the economy.
Mrs Zainab Ahmed
Zainab further stated that the money had to be withdrawn in order to cushion the negative impact of coronavirus that had brought about the decline in revenue on the federation's account.
According to reports, the fund is currently being managed by the Nigerian Sovereign Investment Authority (NSIA).
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