The World Bank has got a proposal of 1.5 billion dollars to states as part of 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.

“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.’’

According to her, the immediate fiscal relief for the states will include the acceleration of an existing programme to enable disbursement by end of September.

She said that by the end of September, the 1.5 billion dollars plan would have been disbursed to the states.

“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 so that they will be able to get immediate disbursements of parts of these funds.’’

Ahmed said that the ministry made a presentation to the council on the structures that the Federal Government was looking at and putting in place, or had put in place to tackle the challenges of COVID-19.

According to her, the country is in a very difficult and challenging time, facing a very significant economic downturn that has not been seen in the history of the country.

She said that the global economy was also facing the sharpest reversals since the great depression as it had both health and economic consequences.

Ahmed said that COVID-19 had resulted in the collapse in oil prices.

“This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings.

“Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion.

This represented a shortfall of N125.52 billion or 31 per cent of the prorated amount that is supposed to have been realised by the end of that first quarter.

“40 per cent of the population in Nigeria, today, is classified as poor; the crisis will only multiply this misery.

“The economic growth in Nigeria, that is the GDP, could in the worst case scenario, contract by as much as minus -8.94 per cent in 2020.


“ But in the best case, which is the case we are working on, it could be a contraction of minus -4.4 per cent, if there is no fiscal stimulus.

“But with the fiscal stimulus plan that we are working on, this contraction can be mitigated and we might end up with a negative –0.59 per cent.’’

The minister said that the president set up the Presidential Economic Sustainability Committee in addition to the COVID-19 Response Committee that had been set up, the COVID-19 PTF as well as the Crisis Management Committee.

She said that some of the measures to mitigate the COVID-19 impact on the economy included the N500 billion stimulus package that the president had approved.

Ahmed said the package also included the increase in the social register by one million households to 3.5million for cash transfer programmes and palliatives and other social safety net programmes.

VANGUARD

https://www.google.com/amp/s/www.vanguardngr.com/2020/05/covid-19-states-to-get-1-5bn-from-world-bank-zainab-ahmed/amp/

hmm!

That's a good development.
We hope the federal government will not divert the money, the way they diverted and embezzled Fadama fund.

good

Gandollar will be buying babariga now in preparation for the arrival of the dollar.

Hope it's not another constricting loan that will further compound Nigeria's economic woes? Governors and the FG will all be salivating over this money especially Gandollar.

Lets see if Kogi and Cross River States will now record their new COVID19 cases since there is a stimulus package on ground.

TheGoodJoe:
.Time to end the handling of funds by the Federal government.These money should be divided among local governments or even Wards for management and careful watched by the masses. The wastage is astonishing.

Forget it.This govt is filled with professional looters from the the top to the lowest organ of govt.

Allocation to all states for april was 606billion. Now u want me to believe that the world bank wants to give each state more than 500billion?

States are about to cash out.. Naija my contiri

TOO GOOD AND WONDERFUL. WORLD BANK THANK YOU. PLEASE SET UP A STANDARD OF ASSESSING AND REPORTING ON HOW EVERY STATE UTILIZES HER GRANT.

The world Bank is giving relief to Nigeria in other to cussion the effects of covid-19 on the economy but Buhari and his goons never care about the effects of covid-19 on Nigerians as per their welfare whilst it imposed lockdown.

My advice is we should not depend and be hopeful on them since we can not fight back at them. We should avail ourselves to every opportunity within us. But avoid illegality, there are vast and untapped wealth with your location or any other locations you can think of.

Kingseex1:
Allocation to all states for april was 606billion. Now u want me to believe that the world bank wants to give each state more than 500billion?

Tell dem oh, maybe hunger have made folks not to reason logically again.

And some sons of hates will say nothing is happening, leaders are not leading but there are surely helping us develop the country.

Good one.

Hopefully these funds are put to uses that would be immediately beneficial to the economy and the people.

This is the reason NCDC will not slow down yet on Covid-19 cases discovered everyday. 150billion is a lot of money.

COVID-19 Business venture

This is good. We should make the state governments more responsible to the people.

Mysticwebb:
Gandollar will be buying babariga now in preparation for the arrival of the dollar.

You only talked about Gandollar in far away Kano.

What about your governor

What is your governor doing with your allocations.

Held your governor accountable.

I'm very sure, Gandollar has commissioned more projects than your governor.

1.5 billion for all the states to share not 1.5 billion per states like some lazy media Carried

Watch figures rise from now onwards.

Seerade029:


You only talked about Gandollar in far away Kano.

What about your governor

What is your governor doing with your allocations.

Held your governor accountable.

I'm very sure, Gandollar has commissioned more projects than your governor.

My governor is investing mine in Dubai on my behalf and without my knowledge.

Borrow it well okay.

Seerade029:


You only talked about Gandollar in far away Kano.

What about your governor

What is your governor doing with your allocations.

Held your governor accountable.

I'm very sure, Gandollar has commissioned more projects than your governor.

My governor is not on any national dailies for stuffing bribed dollar in his agbada. Besides he is doing great with our allocation. This is to let Gandollar understand that we know what he is planning.