The Federal Government is in the process of accessing a $750m World Bank loan for states, the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced on Friday.
She said the facility would boost the local economy in the various states, adding that the Federal Government was also considering the cause and consequences of civil unrest and COVID-19 across the country.
Ahmed disclosed this in Abuja at the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus, also known as N-CARES.
She said, “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 households’ consumption.”
On the civil unrest and COVID-19 impact in Nigeria, the finance minister said the consequences would be too high if the government ignored the root cause of 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,” Ahmed stated.
On the committee that was inaugurated, she explained that to ensure that the implementation of the N-CARES was in line with the Federal Government priorities, the team had to be put in place.
The committee, according to Ahmed, is made up of ministers and permanent secretaries as well as a technical committee that consists of directors of key ministries, department and agencies.
She said, “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 a recession.
“The survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace.”
The minister said members of the committee would provide an overall policy direction for the implementation of the programme.
According to her, the Federal Technical Committee would be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit.