Nigeria Has Spent N502.3bn On COVID-19

The Minister of Finance, Budget, and National Planning Zainab Ahmed, disclosed that the Federal government has spent N502.3 billion so far to prop up the economy following the outbreak of the COVID-19 outbreak.

According to the Sun, Ahmed made the revelation on Tuesday, August 10 in Abuja during a national dialogue on COVID-19 economic impact and assessment of national and state recovery plans and policy options. Nigeria, according to the Minister, was severely impacted by the pandemic since it was recovering from recession before COVID-19, which resulted in an all-time drop in crude oil prices, the country’s economic pillar.

According to Ahmed, the most important actions for which the N502 trillion was used were: establishing a N500 trillion COVID-19 Crisis Intervention Fund to finance upgrades and enhancements to healthcare facilities.

“You know that in the 2020 budget, N500 billion was appropriated and it was fully funded. But apart from that, we also have the economic sustainability plan totaling N2.3 billion in the form of intervention funds from the CBN, which means loans are given to the private sector and they pay back later.”she said

Mrs Ahmed, on the other hand, stated that the epidemic had taught her valuable lessons, particularly the urgent need to address the health sector’s difficulties.

According to her, the multiple issues confronting the health sector prompted the incumbent to pursue proactive and people-centered policies centered on human capital development and vital infrastructure provision for Nigerians’ well-being.