Nigeria plans to create a 500 billion naira ($1.39 billion) corona-virus fund to strengthen its healthcare infrastructure to tackle the virus, the Nigerian government said on Saturday.

In a statement, Finance minister Zainab Ahmed, House of Representatives speaker Femi Gbajabiamila and Senate President Ahmad Lawan agreed in a meeting that the crisis intervention fund would pull in cash as loans from various special government accounts and get the rest from grants and loans from multilateral institutions.

"This crisis intervention fund is to be utilized to upgrade healthcare facilities," Ahmed said in the statement.

Africa's biggest nation, Nigeria has confirmed cases of corona-virus and four deaths.
Lagos state entered a two-week lock-down on Monday which aimed at reducing the spread of the virus.

IMF is making $50 billion available for its emergency financing facilities and some 80 countries have already asked for help including about 20 from Africa.

The World Bank has also approved a $14 billion COVID-19 response package.

Nigeria's Central Bank launched a drive to raise 120 billion naira from the private sector last week to source equipment and infrastructure to fight the pandemic.

The proposed fund would require approval from the National Assembly in order to borrow money from special accounts.

According to Lawan, while the body was on a two-week hiatus aimed at stemming the spread of coronavirus, it would work to pass a bill to enable the borrowing plan.

"When there is need for us to meet or to take legislative action in support of ensuring that the government responds appropriately to developments issues and challenges in the country, we will do so," Lawan said.