By Lilian Ogbonna
In a bid to mitigate the impact of the deadly coronavirus on Nigeria’s economy, the Federal Government of Nigeria is seeking a loan in the region of a whopping $6.9 billion (equivalent of N2.53 trillion) from the International Monetary Fund (IMF), the World Bank, the African Development Bank and the Islamic Development Bank.
Mrs. Zainab Ahmed, Nigeria’s Minister for Finance, Budget and Planning, revealed this in Abuja, on Monday, April 6, 2020, at a media briefing on fiscal strategies by government to cushion the effects of the pandemic on the Nigerian economy.
From available information, the federal government, out of the total amount, plans to liquidate its total savings with the IMF to the tune of $3.4bn, which it is applying to draw through the IMF’s COVID-19 Rapid Credit Facility Window.
The $6.9 billion the federal government plans to borrow is aside the N500 billion COVID-19 Crisis Intervention Fund already approved by President Muhammadu Buhari.