FG supports Lagos fight against Coronavirus with N10b

BY OUR EDITOR

The federal government on Wednesday announced that it would support the Lagos State Government with the sum of N10 billion, in the fight against coronavirus.

Finance Minister, Zainab Ahmed, stated this in a meeting with the leadership of the National Assembly.

The minister also disclosed that the Federal Government was releasing the sum of N6.5 billion to the National Centre for Disease Control (NCDC) as intervention to fight the spread of coronavirus in Nigeria.

She said the money would be released in two tranches – N1.5 billion and N5 billion.

Ahmed said Nigeria had received a grant of US$18.2 million from Japan for strengthening seven NCDC centres across the country.

She said that the Lagos State Government would receive financial support from the Federal Government to the tune of N10 billion to combat Coronavirus spread in the state.

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The minister told the National Assembly leadership of federal government’s proposal to review the 2020 budget using a US$30 per barrel price benchmark as against $57 initially passed by the National Assembly.

She said the review was to prepare for the worst-case scenario, as well as insulate the Nigerian economy against any form of unexpected crisis.

The meeting, which lasted almost four hours, according to Senate President Ahmad Lawan, was summoned to “discuss the proposed review of the 2020 budget and the Medium-Term Expenditure Framework.”

The minister said due to the global economic downturn precipitated by the impact of the Coronavirus pandemic, international oil prices plunged as low as $22 (USD) per barrel on the international market.