COVID-19 economic stimulus: States to get $1.5bn from World Bank — NEC

Thu May 21st, 2020 - Abuja (FCT)

The World Bank has got a proposal of 1.5 billion dollars to states as part economic stimulus to cushion the impact of the COVID-19 pandemic, says Minister of Finance, Zainab Ahmed.

Ahmed briefed State House correspondents on Thursday after the virtual National Economic Council (NEC) meeting anchored from the Presidential Villa, Abuja.

The first ever virtual NEC meeting and the fourth for the year, was presided over by Vice President Yemi Osinbajo

“The World Bank maintains that the impact of the COVID-19 on Nigeria will lead to severe amplified human and economic cost, which will move the country into a recession.

“The World Bank planned a proposed package for immediate fiscal relief for the FG.

“This will also involve policy-based policy budget support for the Federal Government, focusing on measures to maintain macro financial stability and create fiscal space for proposed stimulus.




source: Guardian