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COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund (28269 Views)

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COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by fergie001: 12:30pm On Apr 06, 2020
The President, Major-General Muhamadu Buhari (retd.), has given approval for the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy.

She said the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund.

The fund is currently being managed by the Nigerian Sovereign Investment Authority, The PUNCH reports.

Zainab said the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account.

She said, for instance, that since January, revenue inflow into the account has been on a decline – a situation that has affected the amount distributed to the three tiers of government by the Federation Account Allocation Committee.

The finance minister also said the government would be approaching international finance institutions such as the World Bank, International Monetary Fund, African Development Bank among others to seek an additional fund to tackle the economic impact of the COVID-19 pandemic on Nigeria.

Buhari had last month set up a Special Ministerial Task Force to seek ways and advise on the general economic outlook, stimulus plans, and packages to save the Nigerian economy.

The task force headed by Ahmed is made up of the Minister of State, Budget and National Planning, Clem Agba; Minister of State for Petroleum, Timipre Silva; Governor of Central Bank of Nigeria, Godwin Emiefele, and the Group Managing Director of NNPC, Mele Kyari.

The worldwide outbreak of COVID-19 pandemic and the international oil price fall had led to an urgent call by many countries to find ways to keep their different economies from recession.

The coronavirus pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries among others.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence and slowdown in production.

https://punchng.com/breaking-covid-19-buhari-approves-withdrawal-of-150m-from-sovereign-wealth-fund/?amp=1&__twitter_impression=true

7 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by vertueptime: 12:31pm On Apr 06, 2020
It will be stolen last last

155 Likes 8 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by NaijaMutant(f): 12:32pm On Apr 06, 2020
Our Audio President grin


Only God knows who is authorizing all these withdrawals now that Abba Kyari is in isolation undecided


Mammam Daura grin

189 Likes 10 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by NaijaMutant(f): 12:32pm On Apr 06, 2020
vertueptime:
It will be stolen last last



Buhari must finish everything before 2023 grin


He is here to steal, kill and destroy

253 Likes 15 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Tpave(m): 12:32pm On Apr 06, 2020
It is well

1 Like

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by michlins(m): 12:33pm On Apr 06, 2020
When was the last time this government put a penny into that account. This account was set up for the future of this nation. We have borrowed both the present and the future only to go ahead and deplete the small savings we have left for them.

149 Likes 10 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by ghettokid1(m): 12:37pm On Apr 06, 2020
Only God knows how much this Herdsman has looted in the name of Corona Virus

113 Likes 7 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by koffsman(m): 12:40pm On Apr 06, 2020
Now its about to begin more cases will arise in states that don't have before now Wike is asking for his own share of the looted money. Let the sharing of Nigeria money continue no wahala

5 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by bedspread: 12:46pm On Apr 06, 2020
Punch guys are Hilarious,

The President, Major General Muhammad Buhari!

93 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by fergie001: 12:48pm On Apr 06, 2020
ghettokid1:
Only God knows how much this Herdsman has looted 4 Corona Virus
Ask Seun whether our money is still remaining nah? grin grin

3 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by johnmartus(m): 12:50pm On Apr 06, 2020
What is your problem guy . Is your money they withdraw?
NaijaMutant:
Our Audio President grin


Only God knows who is authorizing all these withdrawals now that Abba Kyari is in isolation undecided


Mammam Daura grin

3 Likes 3 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by ghettokid1(m): 12:53pm On Apr 06, 2020
Yanmiriflathead:
As a patriotic igboman, i want to commend MR President for swift actions taken so far in curtailing the pandermic,

98 Likes 6 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by festacman(m): 12:55pm On Apr 06, 2020
" ... for distribution to the three tiers of government." That is to be shared among Federal, States and Local government areas.

5 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Edgardo5: 12:56pm On Apr 06, 2020
johnmartus:
What is your problem guy . Is your money they withdraw?

24 Likes 2 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by topstone4: 12:56pm On Apr 06, 2020
He squandered billions budgeted for Aso rock clinic.

What's the assurance that Mr Fake Integrity will also not squander the $150 million?

No assurance. Buhari is not better than any other corrupt dog on the street

60 Likes 6 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by NaijaMutant(f): 12:57pm On Apr 06, 2020
johnmartus:
What is your problem guy . Is your money they withdraw?


No, it's Buhari's father's money his withdrawing

71 Likes 5 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by festacman(m): 1:10pm On Apr 06, 2020
Now, the Governors have no reason not to pay salaries.

7 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by kayusely70(m): 1:14pm On Apr 06, 2020
Nigeria and feeding bottle federalism

7 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by OBUKSBAYELSA: 1:17pm On Apr 06, 2020
President Buhari maladministration will run Nigeria aground. the last three weeks has seen this administration withdraw from our collective patrimony over a trillion naira, and nobody See's the effect the effect of these withdrawal on Nigerians.

25 Likes 2 Shares

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by sapientia(m): 1:22pm On Apr 06, 2020
Those who will survive the virus will be surprised with the amount Govt will quote that was saved them.

Even if there was no covid 19, Buhari would have still asked to take it.

The ones he has access to like foreign reserve and ECA, we know how far.

He squandered them and borrowed more.

9 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Racoon(m): 1:40pm On Apr 06, 2020
Criminal doing what he knows best to do-looting Nigeria dry.

14 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by PureGoldh(m): 1:43pm On Apr 06, 2020
If and only if they will use dx one to better the life (ves) if Nigerians.....e go make sense.

Just incase you need Pure Original Honey... contact 0 8 1 0166 6771 Now let's talk about it...stay blessed and safe...no handshake/hug
Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by mrvitalis(m): 1:47pm On Apr 06, 2020
And u people want one poor Igbo man to be president 2023 ...tah north would keep it

5 Likes 1 Share

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by omowolewa: 1:48pm On Apr 06, 2020
Please, withdraw everything, including the Foreign Reserve and Excess Crude balances, since it's for the good of Nigeria.

If thatz not enough let's sell the Assets and even borrow more.

Just make sure it's for the good of the Nation.

10 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Susu888(m): 2:08pm On Apr 06, 2020
shocked Most our funds are being or have been depleted ... SWF,ECA, even our external reserves are close to empty.

The situation is becoming more bleak by the day cry...
E no go better for China angry all this because of fvking bats.

Who the fvck eats bats and scorpions for fvck sake??

4 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Lanretoye(m): 2:16pm On Apr 06, 2020
Okay na this one dem wan share for us abi...

1 Like

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by fergie001: 2:17pm On Apr 06, 2020

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by SocialJustice: 2:36pm On Apr 06, 2020
Buhari will chop all the money finish. Just before COVID-19, the ECA was depleted from billions to tens of millions.

10 Likes

Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by wonuks(m): 2:38pm On Apr 06, 2020
shocked
Re: COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund by Opexzy: 2:38pm On Apr 06, 2020
Where is baba doing all of this from...? All we have been hearing is baba approves, baba approves. From where.?

Me I want to see my president oooo grin cheesy cheesy

2 Likes

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