The federal government plans on using the donated funds made by private sector players towards the fight of the coronavirus pandemic to fund the 2020 supplementary budget, a drafted framework for the proposal quoted Zainab Ahmed, Nigeria’s minister of finance had said .
This is as falling oil prices and low demand due to the pandemic has caused a strain in the government finances, limiting it to fulfil its fiscal obligations drafted in the budget.
According to the new framework, the minister plans to liaise with the national assembly for the passage of the 2020 supplementary budget so the donated funds which have been under the supervision of CACOVID and held by the CBN, can be utilised.
“Disbursements of all COVID 19 Fund including those being collected directly by the Central Bank and those domiciled with commercial banks shall be through appropriation,” the framework read.
“The Honourable Minister of Finance, Budget and National Planning may liaise with the National Assembly for emergency passage of a supplementary budget for the utilization of COVID-19 donation based on estimated total collection for the year.
This is as falling oil prices and low demand due to the pandemic has caused a strain in the government finances, limiting it to fulfil its fiscal obligations drafted in the budget.
According to the new framework, the minister plans to liaise with the national assembly for the passage of the 2020 supplementary budget so the donated funds which have been under the supervision of CACOVID and held by the CBN, can be utilised.
“Disbursements of all COVID 19 Fund including those being collected directly by the Central Bank and those domiciled with commercial banks shall be through appropriation,” the framework read.
“The Honourable Minister of Finance, Budget and National Planning may liaise with the National Assembly for emergency passage of a supplementary budget for the utilization of COVID-19 donation based on estimated total collection for the year.