Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the process of accessing the sum of $750 million World Bank loan for all States of the Federation was nearing completion.
Speaking on Friday in Abuja, she said the loan will boost local economy of States that has been forced on its knees by daunting challenges, noting that the impact of COVID-19 and the consequences of civil unrest were being taken into consideration by the Federal government.
Ahmed said this 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 household’s consumption.”
According to her, the Federal government wouldn’t ignore the impact of COVID-19 in view of its consequences and the rising anomaly in Nigeria.
“We must, therefore, fashion out ways of ensuring that post COVID-19 is not injurious to the Nigerian people and the economy,” she noted.
Ahmed said the N-CARES Committee was put in place by the Federal government to ensure implementation of policies considered as priorities of government.
The composition of the Committee, according Ahmed was made up of
ministers and permanent secretaries, as well as a Technical Committee, that consists of directors of key ministries, department and agencies.
“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.
She emphasised that the survival of Nigerians is hinged on what the Federal government does, hence, concerns of citizens must be addressed, particularly as cost of energy, production of the real sector increases.
“This will be passed to the consumers who have seen their purchasing power eroded. There is an urgent need for some form of social safety net in the current situation.”
