The Federal Government has applied for a cumulative loan of about $7 billion to mitigate effects of COVID-19 (coronavirus) pandemic.
Also, President Muhammadu Buhari-led is set to $1.5 billion from the Nigeria Sovereign Wealth Fund to be shared among states.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who just spoke at a press conference in Abuja on Monday also disclosed that about 506 trucks of rice seized by Nigerian Customs Service will be released to the Ministry of Humanitarian Affairs to distribute to vulnerable members of society.
Interest and capital repayment by states on CBN loans will be suspended once inflows into Federation Account drops below a particular threshold.
The federal government has approved the N500 billion crisis intervention fund to tackle the coronavirus pandemic.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said this at a world press briefing on Monday in Abuja. The Minister added that it is in discussion with the National Assembly to fast track a bill that will allow the FG take fund from special accounts of government that have been earmarked for such emergency.