N1.3tr COVID-19 Intervention Fund Generates Controversy

By Uche Mbah

Nigeria has earmarked N1.3 trillion Coronavirus intervention fund without specifying exactly how the fund will be disbursed. The fund is expected to be handled by the committee on Covid-19, headed by the secretary to the Government, boss mustapha.

Mustapha is a Lawyer.

Palpable fears have been raised on how the disbursement of the fund will be done. Questions are also raised on the source of the intervention fund since it is not reflected in the budget, which is currently taking a bashing due to the slide in Crude oil price internationally due to Coronavirus. Bonny Light, the Nigerian specie of crude, sells at $26 per barrel while Nigeria puts the production cost at $28 per barrel. The budget benchmark is, however, pegged at $57 per barrel.

China has allegedly denied Nigeria her $22.7 billion loan request citing the coronavirus issue as reason. “They literally told us that we should look elsewhere because they have their own problems”, this magazine was told by an Aso Rock insider. The Speaker of the House of Representatives, Femi Gbajabiamila, however, said they suspended the loan because “the South east was marginalised”.

Skeptics are now saying that the N1.3 trillion may not see transparency in the way it will be disbursed. the main opposition party, PDP, expressed fears on the ability of the current government to handle the disbursement equitably. In a release by the party spokesperson, Kola Ologbondiyan, the party said that the APCis incapable of doing a good job.

“The PDP is worried over allegations of corruption in handling of the N1.3 trillion set aside to cushion the effect of COVID-19 on the economy,” he said. “Our party demands ultimate transparency. The Federal Government should come clean on the source of the intervention, the specific intervention projects where the fund will apply, the level of involvement of other tiers of government and private stakeholders, as well as the mode of disbursements and monitoring.

“The PDP demands that the COVID-19 interventions be allocated to the three tiers of government for effective delivery and monitoring.

“Furthermore, the PDP calls on all economic stakeholders, particularly in the private sector, to immediately rally to articulate solutions and palliative measures, since it is clear that the Buhari-led APC government is clueless and has no solution to offer.

“The PDP urges the economic stakeholders to articulate ways to effectively diversify our economy and provide jobs using the all-inclusive measures implemented by PDP administrations to effectively grow the economy as well as successfully handle emergencies such as the Ebola virus disease,” he further said.