Zainab Ahmed, Minister of Finance
The Federal Government of Nigeria has disclosed that Nigeria is not to benefit from the recent International Monetary Fund (IMF) debt relief for 25 countries.
In a statement released in Abuja late on Wednesday, Minister of Finance, Budget and National Planning stated: “It is true that Nigeria is not a beneficiary of the recent IMF debt relief for 25 countries.”
“This is because, as stated in the IMF Executive Board statement, the relief ‘provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months…”
In the statement by her Special Adviser, Media & Communications, Yunusa Tanko Abdullahi, since Nigeria was not indebted to the IMF, there is no outstanding debt obligation to be forgiven.
Ahmed disclosed that Nigeria’s application for new IMF financing is under consideration and receiving attention.
The new application is for financing under the Rapid Financing Initiative (RFI). It is a loan to be paid back.
It is not an IMF program. Nigeria is entitled to access up to 100% of its quota under the RFI.
She, speaking on the current financial position of the country with the IMF, said: “Nigeria’s current financial position at the IMF is public information on IMF website.”
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