FG to deduct $150 million from sovereign wealth funds, to borrow $6.9 billion

President Muhammadu Buhari has approved that the sum of $150 million should be withdrawn from the stabilization fund of the Nigerian Sovereign Wealth Fund. The fund is expected to be shared amongst the 36 states of the federation due to revenue shortfall in the federation account.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the disclosure in Abuja on Monday, when  she was talking on ‘Fiscal Stimulus Measures in response to Covis-19 Pandemic and oil prices fall’.

According to her, the president has asked that the Liquefied Natural Gas (LNG), should fast track the disbursement of dividend that is due to the federation account to augment for the revenue shortfall.

The Minister also said that interest and capital repayment by states on CBN loans will be suspended once inflows into Federation Account drops below a particular threshold.

She added that her principal has approved a temporary restructuring of the treasury single account in order to Better mobilize funds from individuals, corporate organizations and donor agencies.

Details shortly…

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