Buhari approves withdrawal of $150m from Sovereign Wealth Fund

The President Muhamadu Buhari has given approval for the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government.

The need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account, disclosed Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday.

Zainab said that since January, revenue inflow into the account has been on a decline – a situation that has affected the amount distributed to the three tiers of government by the Federation Account Allocation Committee.

The finance minister also said the government would be approaching international finance institutions such as the World Bank, International Monetary Fund, African Development Bank among others to seek an additional fund to tackle the economic impact of the COVID-19 pandemic on Nigeria.