x

COVID-19: Nigeria seeks $3.4 billion loan from IMF

Nigeria has applied to the International Monetary Fund for a rapid credit loan of 3.4 billion US dollars as part of measures to cushion the effect of COVID-19 in the country.

The Minister of Finance and Chairman, Special Ministerial Task Force on COVID-19, Zainab Ahmed, stated this at a news conference in Abuja.

READ ALSO: [BREAKING] COVID-19: Lagos Discharges Two Female Patients After Testing Negative

The loan is one of the measures being taken by the government to shore up the economy from the ravaging pandemic, especially with the steady fall in the price of crude in the international market.

Mrs. Ahmed says the loan being sought from thr IMF is a pre-determined fund with no conditions attached.

She says the requested loan is Nigeria’s contribution to the IMF so far.

She says 150 million dollars will also be withdrawn from the Stabilization Fund to support dwindling monthly allocations to federal and state governments.

The country is also expecting interventions from the World Bank and the Africa Development Bank as part of measures to take the pain of lockdown off the people.

About 150 trucks of foreign rice seized by the Nigeria Customs Service will also be shared for the downtrodden to ease their burden.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Ibom Air’s Essienette Elected 1st Chairman of NIMN Uyo Chapter

By Ogenyi Ogenyi, Uyo Mrs. Aniekan Essienette, FNIMN, Group Manager,...

JUST IN: CDCFIB Shifts Recruitment Portal Opening to July 14

The Civil Defence, Correctional, Fire and Immigration Services Board...

JUST IN: Tinubu to Sign Four Landmark Tax Reform Bills Into Law Thursday

President Bola Tinubu will on Thursday, June 26, sign...

BREAKING: 11 PDP NWC Members Reject Anyanwu’s Return as National Secretary

Crisis within the Peoples Democratic Party (PDP) has deepened,...

NCoS, NAS PC Partner to Rehabilitate Inmates, Curb Crime in Bayelsa

By Amgbare Ekaunkumo, Yenagoa The Nigerian Correctional Service (NCoS), Bayelsa...

Supreme Court Dismisses Appeal in Ogwashi-Uku Royal Dispute

By Anne Azuka The Supreme Court of Nigeria, sitting in...

Delta Govt Applauds Asaba NUJ Chapel for Solar Power Project

By Anne Azuka The Delta State Government has commended the...

Top 3 Insurance Companies Driving Digital Innovation in Nigeria (2025)

For years, insurance in Nigeria was viewed with skepticism—often...
spot_img

Related Articles

Popular Categories

spot_imgspot_img