The Federal Government of Nigeria has confirmed that Nigeria is not a beneficiary of the recent International Monetary Fund (IMF) debt relief for 25 countries.
In a statement released in Abuja yesterday, Zainab Ahmed, the Honourable 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.”
Since Nigeria, according to her, is 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 percent of its quota under the RFI.
Ahmed, 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.”