COVID-19: FG To Amend 2020 Budget, Restructure Treasury Single Account

The Federal Government has announced that it will be amending the 2020 budget to bring it into current realities following the COVID-19 pandemic.

It also announced that the Treasury Single Account (TSA) will be restructured to allow for flexibility of donations into the Federal Government’s coffers.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the announcement on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the pandemic on the economy.

Ahmed said the Federal Ministry has developed a framework for the management of the funds and donations that will be made into the Federal Government’s coffers.

She gave a breakdown of expected loans from International Organisations to include $3.4 billion from the International Monetary Fund (IMF); $2.5 billion from the World Bank; and $1billion from the African Development Bank (ADB).

She, however, pointed out that the decline in oil revenue poses a significant threat to Nigeria’s economy.

According to the Minister, the COVID-19 pandemic will also have an impact on the supply of food and other essential items.