Recently the International Monetary Fund IMF announced that it was granting debt relief to 25 countries, but Nigeria didn’t make the list of the countries, which led to some reactions on social media.
However, the Minister of Finance, Ahmed Zainab has come out to clear the air as she revealed why Nigeria is not a beneficiary of recent IMF debt relief for 25 countries.
Ahmed Zainab stressed that as stated in IMF Executive Board statement, the relief ‘provides grants to our poorest & most vulnerable members to cover their IMF debt obligations for an initial phase over the next 6 months’
She added that “since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. 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).
Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on International Monetary Fund website.”
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