IMF disburses $3.4b loan to Nigeria
Barely 24 hours after receiving $311 million Abacha loot from the United States and the Island of Jersey, the federal government has been handed the $3.4 billion emergency fund it requested from the International Monetary Fund (IMF).
The emergency fund was approved by the IMF board on April 28th, and comes under the Rapid Financing Instrument (RFI).
It is meant to assist Nigeria’s fight against COVID-19 and to resolve urgent balance of payment needs.
IMF managing director, Kristalina Georgieva, confirmed that the $3.4 billion had been credited to the CBN’s account.
She advised Nigeria to use the COVID-19 crisis to transform into a more resilient economy.
Also on Tuesday, the federal government again cut budget 2020 plans to assume a lower petroleum price of $20 per barrel.
Finance minister Zainab Ahmed stated this at a virtual conference.
At the session, she said that the benchmark would again have to be revised down.
However, she cautioned that budget revisions would need to be approved by lawmakers before being signed into law by the president.
