The Federal Government is seeking to establish a N500 billion COVID-19 Crisis Intervention Fund to upgrade healthcare facilities and provide intervention to states.
The Minister of Finance, Budget and National Planning Zainab Ahmed disclosed this on Saturday at a meeting with the leadership of the National Assembly.
She says the proposed fund to be created will involve mopping up resources from various special accounts from the federation as well as be sourced from grants being expected and loans from multilateral institutions.
The Finance Minister is seeking the approval of the National Assembly for the taking of loans from these special accounts and promised to return to parliament with a proposed bill in that regard which will define what the fund will be used for.
Responding, Senate President Ahmed Lawan says the loan request is critical because the country is in an emergency and time is of the essence.
He is, however, asking the Federal Government to examine another approach in its implementation of the Social Intervention Programme as he says giving out N20,000 to indigent Nigerians might not be the best way to go.