COVID-19: Nigeria Eyes N2.67tn from IMF, World Bank, Others

*To draw $3.4bn contributions from IMF

*FAAC to augment June allocation with $150m NSIA fund

By Ndubuisi Francis

Nigeria is seeking about $7.050 billion or an equivalent of N2.679 trillion from multilateral financial institutions as well as $150 million from the Nigeria Sovereign Investment Authority (NSIA) to combat the impact of COVID-19 on the economy.

Already, the federal government has applied for the release of its contributions to the International Monetary Fund (IMF) totaling $3.4 billion under the Fund’s Rapid Credit Loan Facility as part of measures to mitigate the impact of COVID-19 on the economy.

The country is also seeking a $2.5 billion loan from the World Bank, $1 billion from the African Development Bank (AfDB) as well as an undisclosed amount from the Islamic Development Bank.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made the disclosures at a press briefing on measures being taken in response to the COVID-19 pandemic, also stated that $150 million was to be drawn from the Stabilisation Fund of the Nigerian Sovereign Investment Authority (NSIA) to augment June Federation Account Allocation (FAAC).

Details later……