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COVID-19: Nigeria to withdraw $150m from Sovereign Wealth Fund

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NIGERIA will withdraw about $150 million from the Sovereign Wealth Fund.

   President Muhamadu Buhari gave the approval today in Abuja, stating that the situation created by global COVID-19 pandemic for Nigeria leaves the country with dew options.

  The president disclosed this while speaking through Minister of Finance, Budget and National Planning, Zainab Ahmed during a media briefing on fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.

  Giving a breakdown of the approval, Ahmed explained that the amount will be distributed to the three tiers of government to cushion the negative impact of the drop in revenue on the federation account.

  According to her, the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.

  It will be recalled that the fund is currently being managed by Nigerian Sovereign Investment Authority.

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