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The Federal Government of Nigeria to Grant NGN 10 Billion to Lagos State and NGN 1 Billion to Pharmaceutical Companies to Fight Against the Coronavirus

By IM Insights | March 26, 2020

At a meeting with chambers of the National Assembly principal officers, ministers and heads of Ministries, and Department and Agencies (MDAs), Nigeria’s President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila, revealed plans of the Federal Government to release NGN 10 Billion to Lagos State and Grant NGN 1 Billion to pharmaceutical companies, to combat impacts of the Coronavirus. 

The state of Lagos is said to be the worst-hit state so far by the Coronavirus. 

The Minister of Finance, Zainab Ahmed stated that due to Nigeria’s monocultural status, the country’s economy is prone to any decline in international Crude Oil prices. She highlighted that global crude oil prices started to fall even before the Coronavirus outbreak, but the pandemic has caused oil prices to plunge to as low as USD 22 per barrel.  

She further mentioned that the President Muhammadu Buhari administration, has set-up a Crisis Management Committee as a proactive measure to mitigate the effect of the pandemic on the economy. 

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