Finance
IMF says Nigeria repays $3.4bn COVID-19 funding
Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global multilateral Institution said on Thursday. In April 2020, the IMF provided the financing to help Nigeria cope with a collapse in crude prices, which hit its finances and tipped the economy into recession.
IMF resident representative to Nigeria Christian Ebeke said in a statement that, as of April 30, the country had “fully repaid the financial support” it received under the Fund’s Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations. “Nigeria is expected to honour some additional payments in the form of Special Drawing Rights charges of about US$30 million annually,” Ebeke added.
The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66 billion to service its foreign debt, of which $1.63 billion was to the IMF.
-
News22 hours agoCardoso formally receives Central Bank of the Year Award
-
Economy22 hours agoNigeria’s Digital Boom needs nuclear power partnerships for long-term success
-
Uncategorized22 hours ago
June 12 Democracy Day declaration not enough, as citizens wallow in pain – ActionAid, FG declares Friday public holiday
-
Oil and Gas22 hours agoNNPC is house of thieves, fraud; Kyari must be arrested dead or alive to account for N210 trillion—Oshiomhole
-
Oil and Gas22 hours agoDangote Refinery seeks $1bn private placement ahead of planned listing
-
News22 hours agoMiddle East Conflict sends global growth to lowest rate since COVID-19, WBG to Provide up to $100bn for Affected countries over 15 Months—WBG
-
News22 hours agoHigh cost of cooking gas‘ll negatively impact environment, health, CPPE warns