The World Bank is set to approve $1.5 billion dollars for States of the Nigerian federation as part of economic stimulus to cushion the impact of coronavirus in Nigeria.
The Minister of Finance, Hajia Zainab Ahmed disclosed this in Abuja.
She said that the World Bank has acknowledged that the impact of the COVID-19 in Nigeria will lead to rigorous amplified human and economic cost, which will drive the country into recession.
According to her, the financial relief will also include “policy-based policy budget support”, for the Federal Government.
It will concentrate on several ways to create fiscal space for the stimulus and maintain macro-financial stability.
In her statement she said:
“The World Bank package has also got a proposal of 1.5billion dollars for the states and this package will be dedicated to the states and it will be a programme for results which the states are already used to implementing.’’
The Minister noted that the immediate financial relief for the states will include the speeding up of an existing programme so as disbursement can be carried out by September.
The minister added by saying:
“We are looking at an average of between N150billion to N200billion based on the plan to the 36 states. These are states that have already made some particular commitments and achievements.”
