Breaking News

Nigeria to set up $1.39 billion fund to fight Coronavirus

Last updated on September 11th, 2021 at 02:56 pm

Nigeria plans to create a 500 billion naira ($1.39 billion)coronavirus fund to strengthen its healthcare infrastructure to tackle the virus, the government said on Saturday.

Finance Minister Zainab Ahmed, House of Representatives speaker Femi Gbajabiamila and Senate President Ahmad Lawan agreed in a meeting that the crisis intervention fund would pull in cash as loans from various special government accounts and get the rest from grants and loans from multilateral institutions, a statement said.

“This cisis intervention fund is to be utilised to upgrade healthcare facilities,” Ahmed said in the statement.

Nigeria, Africa’s biggest nation, has 209 confirmed cases of coronavirus and four deaths. Lagos state, neighboring Ogun state and the capital territory of Abuja entered a two-week lockdown on Monday aimed at stemming the spread of the virus.

​ The IMF is making $50 billion available from its emergency financing facilities and some 80 countries have already asked for help, including about 20 from Africa. The World Bank has also approved a $14 billion COVID-19 response package.

Last week, Nigeria’s Central Bank also launched a drive to raise 120 billion naira from the private sector to source equipment and infrastructure to fight the pandemic.

The proposed fund would require approval from the National Assembly in order to borrow the money from special accounts, and Lawan said that while the body was on a two-week hiatus aimed at stemming the spread of coronavirus, it would work to pass a bill to enable the borrowing plan.

“When there is need for us to meet or to take legislative action in support of ensuring that the government responds appropriately to developments issues and challenges in the country, we will do so,” Lawan said.

Albert Echetah

Recent Posts

Africa and GCC Trade Doubles to $121 Billion

Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…

December 21, 2024

Families in Mayotte rebuilding their homes complain of lack of help

Family members struggling after one week after  of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…

December 21, 2024

Ethiopian PM Inaugurates UAE-Funded Orphanage in Oromia

The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…

December 21, 2024

A Rising Femicide Threat, Kenya’s Call to End Gender Based Violence

In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…

December 20, 2024

Actor C Confion has passed away

The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…

December 20, 2024

South Africa: 512 Accident Deaths and 941 Arrested for Drunk Driving Just on December Month

Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…

December 19, 2024

This website uses cookies.