The Federal Government through the Ministry of Finance on Saturday reached out to the National Assembly to intimate it with an Executive Proposal to establish a N500 billion Covid19 Crisis Intervention Fund.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, led the Federal Government’s team and met with the Senate President, Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila, to work out the modalities.
According to a release from the Office of the Senate President, the finance minister along with senior officials from the ministry held the meeting at the National Assembly. .
The meeting was also attended by the Deputy Senate President, Ovie Omo-Agege; Deputy Speaker, Idris Wase, and some other principal officers from both chambers.
The meeting was a follow-up to one held last week Wednesday between the National Assembly leadership and members of the Presidential Committee which was set up for the management of the COVID-19 crisis.
The finance minister said, “What we are proposing is an establishment of a N500 billion COVID-19 Crisis Intervention Fund. .
. “This Fund, that we are proposing, that should be created, will involve mopping up resources from various special accounts that the government, as well as the Federation, have, to be able to pull this N500billion.
“Our general view is that this crisis intervention fund is to be utilised to upgrade healthcare facilities as earlier identified.
“The Federal Government also needs to be in a position to improve health care facilities not only in the states but to provide intervention to the states. .
. “We know that there will be 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 minister said that in addition to the identified special accounts from where the money would be drawn as loans, the proposed intervention fund is also expected to be sourced from grants being expected and loans from multilateral institutions.
