JUST IN: Buhari Gives Approval Of $150m Withdrawal From NSIA For FAAC Disbursement

President Muhammadu Buhari has approved the sum of $150 million naira from the Sovereign Wealth Fund for distribution to the three tiers of government in the country.

This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the deadly coronavirus pandemic on the economy.

Ahmed said the withdrawal would be made from the stabilisation fund of the Soveriegn Wealth Fund which is currently being managed by the Nigerian Sovereign Investment Authority NSIA.

She said the amount would help to augment disbursements by the Federation Accounts Allocation Committee to the three tiers of government.