The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva on Tuesday April 28, 2020 stated that the IMF Executive Board has approved US$3.4 billion to help Nigeria address the severe economic impact of the Covid-19 pandemic and the sharp fall of oil prices.
She said, the approval of the loan has become necessary to support Nigeria’s efforts to limit the effect of Coronavirus considering the effect the sharp fall of oil prices is already having on the nation.
She pointed out that the US$3.4 billion approved by the board is the largest IMF Covid-19 emergency financing provided to-date stressing that the loan would help Nigeria free up more resources to protect lives and livelihoods.
The IMF loan is in addition to President Buhari’s N850bn loan approved by the Senate.
As at the time of filing this report, President Buhari is also seeking $2.5b loan from World Bank and $1b from African Development Bank.
