New Telegraph

COVID-19: FG set to access World Bank’s $750m loan for states

The Federal Government is set to access a World Bank loan of $750 million on behalf of the states, to stimulate the local economy and support vulnerable household’s consumption as part of an effort to contain the impact of COVID-19 pandemic.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, stated this yesterday in Abuja, during the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N- CARES).

The minister said ESP was part of the Federal Government’s robust response to COVID-19 pandemic, stressing that the government identified fiscal measures to enhance oil and non-oil revenues and reduce non-essential spending. Speaking on the need for proper implementation, Ahmed said: “To ensure that implementation of the N-CARES is in line with the Federal Government priorities as outlined in the ESP, the Federal Steering Committee, made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, department and agencies (MDAs) has to be in place.

“The government has carefully selected you as members of the Federal Steering and Technical Committees because of the important role your MDAs play in the recovery of the Nigerian economy as well as the fulfillment of lifting 100 million people out of poverty.”

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