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The Federal Government on Thursday announced that it has so far released N288billion from the N2.3trillion COVID-19 stimulus package.
Prince Clem Agba,Minister of State for Budget and National Planning, disclosed this to newsmen on the sidelines of the National Steering Committee meeting of the Nigeria Open Government Partnership in Abuja.
He spoke on measures adopted to salvage the economy from collapse as a result of the impact of the COVID-19 pandemic, adding that the N2.3trillion stimulus package was earmarked and deployed in various sectors of the economy.
He said:”And there are basically two sources of funding the N2.3trillion. The first N500bn had to come from special accounts, which were embedded in the revised budget.And then the other N1.8tn, which has programmes that were set up to be financed through the financial institutions.And we had negotiated a five per cent interest rates with a one year moratorium just to ensure that we are able to grow agriculture, look after the MSMEs, support the aviation sector.”
He said the Federal Government also made provisions for the states, as it stopped the repayment of loans collected by the states.
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