Because of the COVID-19 outbreak, President Muhammadu Buhari has written to the House of Representatives for a $1 billion loan approval for states.
In a letter read by the Speaker, Buhari, Femi Gbajabiamila said the loan would assist states in ensuring food safety and economic stability.
According to the report, $500 million would be a “fiscal accountability and sustainability plan” initiative by the World Bank to provide funding for states.
The other $500 million is “COVID-19 recovery and economic stimulus programme to support the state’s effort to maintain livelihood and ensure food stability.”
The president noted that “States are also experiencing financial challenges as a result of COVID-19 pandemic.”
According to the letter, the federal government will among others also take a $500 million from World Bank for the provision of critical medical supplies to combat COVID-19.
Also, another €995 million from the Export-Import Bank of Brazil to enhance the mechanization of Agriculture and Agro-processing.
Meanwhile, the House also received the amendment to the 2020 appropriation act.