The $3.4 billion emergency funding for Nigeria on Tuesday by the International Monetary Fund (IMF) is a repayable loan approved to help the country
cushion the impact of the coronavirus pandemic on her economy, the Bretton wood Group clarified on Wednesday.Since April 6, when the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that Nigeria submitted a formal request for approval to draw 100 per cent of her contribution to the IMF, there has been conflicting opinions among Nigerians about the status of the funding.
“The World Bank and IMF that were in the meeting indicated to us that this is possible. We will be negotiating with them on the terms of those deferment. Besides, it said the approval of 100 per cent of Nigeria’s contribution to the Fund as emergency financial assistance was based on the country’s Special Drawing Rights under the RFI.Regardless, this newspaper sought further clarification from the IMF’s Senior Resident Representative and Mission Chief for Nigeria, Amine Mati, on the status of the funding approved for Nigeria.
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