The Minister of Finance, Zainab Ahmed, on Thursday, revealed the World Bank is set to approve $1.5 billion dollars to Nigerian states as part of economic stimulus to cushion the impact of coronavirus.
Ahmed stated this while speaking with State House correspondents after the National Economic Council (NEC) meeting anchored from the Presidential Villa, Abuja.
Vice President Yemi Osinbajo presided over the first-ever virtual NEC meeting and the fourth in 2020.
The Minister revealed that 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.
Ahmed added that the relief from the World Bank will also involve policy-based policy budget support for the Federal Government.
It will focus on measures to maintain macro-financial stability and create fiscal space for the stimulus.
“The World Bank package has also got a proposal of 1.5billion dollars for the states and this package will be dedicated to the states and it will be a programme for results which the states are already used to implementing.”
The Minister said the immediate financial relief for the states will include the acceleration of an existing programme to enable disbursement by end of September.
“We are looking at an average of between N150billion to N200billion based on the plan to the 36 states. These are states that have already made some particular commitments and achievements.”