COVID-19: Buhari orders $150m withdrawal from NSIA to augment monthly allocations

- President Buhari has reportedly directed that $150 million be withdrawn from the National Sovereign Investment Authority

- The finance minister, Zainab Ahmed, disclosed this, explaining that the money will be used to augment the monthly allocations to FG, state and local governments

- Recall that President Buhari had earlier set up a committee with a mandate to make a quick assessment of the impact of coronavirus on the country's economy

President Muhammadu Buhari has reportedly directed that $150 million be withdrawn from the National Sovereign Investment Authority (NSIA).

The Cable reports that Zainab Ahmed, the minister of finance, budget and national planning, made this known to newsmen in Abuja.

The minister explained that the withdrawal would be made from the NSIA stabilisation fund to augment disbursements by the federation accounts allocation committee to the three tiers of government.

Earlier, Legit.ng reported that President Buhari met with members of the presidential committee to review the impact of the COVID-19 pandemic on the nation's economy.

The information was revealed on the official Facebook page of the president on Thursday, April 2.

Legit.ng gathered that the meeting was used by the committee to give Buhari a report on the effect of COVID-19 situation on the lives and livelihoods of Nigerians across the country.

President Buhari noted that as a government, his administration is very mindful of the impact of the COVID-19 outbreak.

Present at the meeting was the minister of finance, the minister of state for petroleum, Chief Timipre Sylva, CBN Governor Godwin Emefiele, and GMD, NNPC, Mele Kyari.

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The meeting was convened almost a week after the Nigerian president received a briefing from the minister of health, Osagie Ehanire, and director-general of the Nigeria Centre for Disease Control (NCDC) Chikwe Ihekweazu, at his residence in the State House, Abuja.

Bashir Ahmad, the personal assistant to President Buhari on new media, revealed this in a series of tweets on Saturday, March 28.

The meeting was used by Ehanire and Ihekweazu to give Buhari a report on the COVID-19 situation in the country amid the introduction of new measures to prevent the spread of the virus.

Meanwhile, President Buhari had earlier set up a committee with a mandate to make a quick assessment of the impact of coronavirus on the country's economy.

The president asked the committee to urgently evaluate the effect of the virus on the economy, especially as it affects the prices of crude oil.

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Source: Legit.ng