Nigeria’s Vice President Yemi Osinbajo speaks during the Nigeria/Ecowas Trade and Investment for Development forum in Abuja, Nigeria. [REUTERS/Afolabi Sotunde]Details emerged on Wednesday about the case the Nigerian government made to secure the approval of the Executive Board of the to its request for a $3.4 billion emergency loan. The loan is to assist the country’s effort to contain the impact of the coronavirus pandemic on her economy.
These developments, the Nigerian delegation noted, were worsening the country’s fiscal and external positions, as Nigeria’s oil and gas exports were expected to fall by more than $26.5 billion. On justification for the request for support, Nigeria said it was facing an immediate balance of payments challenge, given the sharp contraction in oil prices and the COVID-19 pandemic, which, if not addressed, would result in immediate and severe economic disruption.
On macroeconomic policies, Nigeria said since the onset of the crisis, its authorities have allowed greater exchange rate flexibility and have taken important steps towards unification of existing FX windows, which should be finalised immediately.In assuring the IMF of government’s seriousness, Nigeria resolved to put certain measures in place to contain the pandemic and mitigate its economic impact.
Nah this big grammar go kill una. Why can't we be truthful and specific about the loan. Which is to pay salaries. Next month we will borrow again
Summary: Citizens will pay the debt... I can see VAT jumping from 7.5 to 15% anytime from now.
I keep asking, if not loan why the loan there. I should be something else like IMF is helping us withdraw for on our RFI
Actually you lied
'The report said Nigeria told the IMF how the COVID-19 pandemic was severely impacting the country’s economic activity following the sharp fall in international oil prices and reduced global demand for Nigeria’s oil'. Nigerians who did not use this money will pay for it.
What are you telling yourself inside the lockdown? Check out this article on LinkedIn, hope you find 1 or 2 things in it useful 👇👇👇👇👇
Prayer is also included not only the money
They only knew how to secure money for their selfish interest but they can't secure human being bloody suckers
Please borrow more, na IMF go suffer am las las
Why's Osibanjo's pics appearing here Sinzu should be there after all he's the one cashing out.
may their children and the children of their children also suffer from this generational debt they've plunged this country into
The $3.4bn was under the Rapid Financing Initiative (RFI) which Nigeria is entitled and can access up to 100% of its contribution quota this mean we are not loaning from IMF but withdrawing our contribution So Tell me apart from fake news what other family business do you have?
Seems this administration’s people think getting loan or assistance is an achievement? Functional government pride on having sovereign funds able to take them through crisis but this government prides on getting a loan or assistance as an achievement.
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