Audio By Carbonatix
The Nigerian government has announced a $6bn (£4.8bn) stimulus package to support businesses hardest hit by the coronavirus pandemic.
A committee led by Vice-President Yemi Osinbajo put forward the proposal.
It was approved by the cabinet during a virtual meeting on Wednesday.
Nigeria is under pressure to stimulate growth and cut debt amid a slump in global oil prices.
Nigeria is one of the continent's largest oil producers and money from its sale is vital for government spending.
Mr Osinbajo said millions of Nigerians could fall into extreme poverty before the pandemic ends if measures are not taken.
The vice-president said the plan was to put money into the economy, and hopefully stop it from slipping into recession.
At the moment, it is still not clear how the money would get to the intended businesses and households.
In the past, funds intended to stimulate the economy and encourage growth were misappropriated by public officials.
Meanwhile, the World Bank has approved a $750m loan for Nigeria’s energy sector.
Latest Stories
-
UK restricts DR Congo visas over migrant return policy
1 hour -
Attack on Kyiv shows ‘Russia doesn’t want peace’, Zelensky says
1 hour -
Two dead in 50-vehicle pile up on Japan highway
2 hours -
Fearing deportation, Hondurans in the US send more cash home than ever before
2 hours -
New York blanketed in snow, sparking travel chaos
2 hours -
Creative Canvas 2025: Documenting Ghana’s creative year beyond the noise
5 hours -
We would have lost that game last season – Guardiola
6 hours -
Nigeria reach AFCON last 16 despite Tunisia fightback
6 hours -
‘He just needed more time’ – Wirtz finally breaks Liverpool duck
6 hours -
Arsenal in ‘survival’ mode as ‘sensational’ Raya save keeps them top
6 hours -
‘Wizkid is my boy, I accommodated him years ago’ – American rapper, Wale
6 hours -
[Video] ‘I don stop to dey give belle anyhow’ – 2Baba confesses
6 hours -
‘No artist is wack, every music is tailor-made’ – 2Baba
7 hours -
[Video]Timaya falls on stage while trying to lift plus-sized woman during performance
7 hours -
Family cremates wrong body after hospital mistake in Scotland
7 hours