Loan: FG access $750m to boost state economy
By Modupe Shodeinde
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government wants to access a $750m World Bank loan for states.
This loan, she stated, is intended to boost the economy in various states.
She disclosed this on Friday in Abuja at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus, also known as N-CARES.
“The Federal Government is in the process of accessing a World Bank loan of $750m on behalf of the states to stimulate the local economy and support vulnerable households’ consumption.” She said.
She also added that the Federal Government was considering the cause and consequences of civil unrest and COVID-19 across the country, which she said would be drastic if the government does not pay attention to the root cause of the anomaly in Nigeria.
She emphasised the need to fashion ways of ensuring that post COVID-19 effects are not injurious to the Nigerian people and economy.
On the inauguration of N-CARES, Ahmed said, “The inauguration of the committees is expedient given the nature of this emergency intervention. Nigeria as the biggest economy in Africa cannot afford to remain in recession.
“The survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace”.
According to her, the commitee is made up of ministers, permanent secretaries and a technical committee that consists of directors of key ministries, departments, and agencies.
The committee is charged with providing an overall policy direction for the implementation of the programme
She explained that to the committee was set up to ensure that the implementation of the N-CARES was in line with the Federal Government priorities.
She said, “The inauguration of the committees is expedient given the nature of this emergency intervention. Nigeria as the biggest economy in Africa cannot afford to remain in recession.
“The survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace.”
The minister said members of the committee would provide an overall policy direction for the implementation of the programme.
According to her, the Federal Technical Committee would be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit.
