Nigeria's President has approved the withdrawal of a staggering $150m from the Sovereign Wealth Fund.
President Muhammadu Buhari
Presidenl Muhamadu Buhari has approved the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.
This was made public by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed 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She said the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.
The fund is currently being managed by the Nigerian Sovereign Investment Authority, The PUNCH reports.
Zainab said the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account.