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
-
Ghanaian Swimming prodigy Yamin Amankwah Boamah sets 10 new PBs
11 minutes -
Superstition Meets Real Harm: Witchcraft accusations, social injustice and weak protections in Northern Ghana
30 minutes -
Nkrumahism, Mahama, and Africa’s unfinished cultural liberation
55 minutes -
Group withdraws petition against unlicensed GoldBod actor, cites court proceedings
56 minutes -
Threads of state: When cotton started a diplomatic incident
1 hour -
Dozens of MPs don smocks in cultural solidarity amid Ghana-Zambia ‘fugu’ controversy
2 hours -
AMA reclaims abandoned Alajo–Avenor open space in Accra; unveils green, beautification agenda
2 hours -
Trump removes video with racist clip depicting Obamas as apes
2 hours -
KCCR lecture presents new frontiers in snakebite treatment and care
2 hours -
Rotary Club of Accra-Odadee AOGA donates desks and books, hosts reading clinic at Akropong M/A Basic School
2 hours -
Koforidua SECTECH student stabbed during inter-schools sports festival
2 hours -
Parliament approves 24-Hour Economy Authority Bill
3 hours -
African firms must prioritise skills and execution to win in ‘Intelligence Age’ – KPMG
3 hours -
Why Dr Matthew Opoku Prempeh is the best bet for Ghana: The unstoppable case for NAPO as running mate
3 hours -
Academic City’s Waakye packaging project wins global packaging award
3 hours
