The Federal Government has applied for a cumulative loan of about $7 billion to mitigate effects of COVID-19 (coronavirus) pandemic.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who spoke at a press conference in Abuja on Monday also disclosed that about 506 trucks of rice seized by Nigerian Customs Service will be released to the Ministry of Humanitarian Affairs to distribute to vulnerable members of society.

In addition, FG is withdrawing $1.5 billion from the Stabilization Fund of Nigeria Sovereign Wealth Fund to be shared among states.

Interest and capital repayment by states on CBN loans will be suspended once inflows into Federation Account drops below a particular threshold.