Home News Buhari orders withdrawal of $150m from Nat’l Sovereign Investment to support ...

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

Author

Date

Category


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She said the amount would be withdrawn from the stabilization fund component of the Sovereign Wealth Fund.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



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent posts

Insecurity: FCT Begins Implementation Of State Community Policing

The Federal Capital Territory Administration, FCTA, on Monday, kicked off the implementation of the State Community Policing in the nation’s capital. The initiative is...

Ex-lover seeks N9m compensation from Customs boss’ new wife

When the Comptroller-General of the Nigeria Customs Service (NCS), Col. Hameed Ibrahim Ali (Rtd), got married to his new wife, Zainab Abdullahi Yahaya,...

Nigerian govt gives update on Madagascar’s alleged COVID-19 cure

The federal government on Monday said Madagascar’s COVID Organics has been transferred to the Ministry of Health. The Minister of Health, Osagie Ehanire, made...

Reps set to probe alleged military invasion of Bayelsa communities

Reps set to probe alleged military invasion of Bayelsa communities Watch Also: Sokoto: Lawmaker laments attack on Sallah day The post Reps set to...

Oshiomhole endorses Akeredolu, says Edo gov yet to reject direct primaries

The All Progressives Congress (APC) National Chairman, Adams Oshiomhole, has tacitly endorsed the reelection bid of Ondo Governor, Oluwarotimi Akeredeolu. Speaking to newsmen after...

Recent comments