President Muhammadu Buhari has initiated moves to seek the approval of the National Assembly to establish a N500 billion Coronavirus Intervention Fund.
Minister of Finance, Budget and National Planning, Zainab Ahmed with senior officials of her Ministry met with the leadership of the National Assembly to work out modalities for the Presidential request to fight the deadly Coronavirus.
The meeting was in continuation of earlier discussions between the two arms of government since last week for the management of the Coronavirus crisis.
“What we are proposing is an establisment of a N500 billion COVID-19 Crisis Intervention Fund,” the Minister said.
She explained that the proposed fund will require the Federal Government to ramp up N500 billion from various special accounts as loans.
The Minister added that the proposed coronavirus intervention fund will be sourced from grants and loans from multilateral Institutions.
She explained to the lawmakers that the coronavirus intervention Fund, if approved, will also take care of Special Public Work Programmes currently being implemented by the National Directorate of Employment, NDE.
Earlier in his remarks, the Senate President said the meeting was in fulfilment of an earlier promise to provide support as the need arises in this time of crisis.