Following the debt relief granted 25 nations by the International Monetary Fund, there have been questions from some quarters as to why the country was not included in the package.
Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has confirmed that the country was not indebted to the IMF to necessitate inclusion in the debt relief package.
She stated, “It is true Nigeria is not a beneficiary of the recent IMF debt relief for 25 countries. As stated in IMF Executive Board statement, the relief provides grants to the poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.
“Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven.”
According to her, Nigeria is entitled to access 100 per cent of its quota under the Fund’s financing initiative, and the country’s application for the facility from the Fund is receiving the necessary attention.
“Nigeria’s application for new IMF financing is under consideration and receiving attention. The new application is for financing under the Rapid Financing Initiative.
“Nigeria is entitled to access up to 100 per cent of its quota under the RFI. Our current financial position at the IMF is public information on the Fund’s website,” she added.
Nigeria had applied to the IMF for concessional funding, which is expected to be deployed to support the implementation of the 2020 budget, owing to sharp drop in revenues from oil arising from the coronavirus pandemic.