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Covid-19: FG to set up N500 billion intervention fund to upgrade healthcare sector

Chike Olisah by Chike Olisah
April 5, 2020
in Business News, Politics, Socio Economic
PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

president Muhammadu Buhari

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The Federal Government (FG) has concluded plans to establish a N500 billion COVID-19 crisis intervention fund. The fund was introduced to upgrade healthcare facilities and administration in the country.

The decision was taken after the Minister for Finance, Budget and National Planning, Zainab Ahmed met with the leadership of the National  Assembly, led by the Senate President, Ahmed Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, at the National Assembly complex.

It was agreed that the intervention fund will include mopped up resources from various government accounts as well as loans and advances from multilateral organizations.

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The fund is also to be used to provide intervention to various state governments and also take care of special public work program that is being implemented by the National Directorate of Employment (NDE).

Covid-19: FG to set up N500 billion intervention fund, Lawan criticizes N20,000 disbursement

“Our general view is that the crisis intervention fund would be used to upgrade health care facilities as earlier identified,” Finance Minister Zainab Ahmed said. 

The minister in her presentation said, ‘’We know that there is a need for the parliament to agree and approve the taking of loans from these special accounts and we will be coming back with a proposed bill in that regard that will define what the fund will be used for’’.

“The Federal Government also needs to be in a position to improve healthcare facilities not only in the states but to provide intervention to the states’’, she said.

(READ MORE: FG begs Elon Musk’s Tesla for ventilators, as COVID-19 cases rises in Nigeria)

It could be recalled that the government through the Central Bank of Nigeria (CBN) and in collaboration with the Private Sector, set up a relief fund to help fight the coronavirus disease and its impact. CBN announced that a total sum of N19.48 billion has been contributed to the account.

Many Nigerians have expressed doubts about the proper management of these resources as there is no framework or proper monitoring mechanism for the disbursement of those funds. They believe that the process is riddled with corruption.

Meanwhile, the Senate President on his part picked holes in the way and manner the disbursement of the N20,000 social intervention programme was being handled. According to him, time has come for the government to redefine its implementation.


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Tags: Covid-19FGNDE
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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