The Federal Executive Council, FEC, has singed the sum of N2.3trillion as COVID-19 intervention fund.

The sum was assented to help the country’s economy during this pandemic corona virus.

This was approved on the recommendation of the Vice President Prof. Yemi Osinbajo-led Economic Sustainability Committee.

Zainab Ahmed, who is the Minister of Finance, Budget and National Planning, revealed this in Abuja on Wednesday.

Zainab Ahmed said, the decision was agreed at a virtual meeting of the FEC chaired by President Muhammadu Buhari.

She said, “The total package that we presented today is in the sum of N2.3 trillion, N500billion of this is a stimulus package that is already provided for in the amended in the 2020 Appropriations Act. These are funds that we have sourced from special accounts.

“We also have N1.2 trillion of these funds to be sourced as structured low-cost loans which are intervention from the Central Bank of Nigeria as well as other development partners and institutions."

She added that, there is also N344 billion that will be obtained from bilateral and external procurement and also additional funds that they plan to source locally.

“There is a strategy that has been adopted and this whole plan is to enable us to respond to the triple problem of the low exchange rate, youth unemployment as well as negative growth which is facing us now,” she noted.

The Minister said further that the measures has to provide assistance for small businesses that have undergo a severe impact on pandemic Corona virus as a result of shutdown.

She stated that the shutdown had severe side effects on the hotel industry, private schools, restaurants as well as the transport sector.

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