Nigeria Requests $3.7bn Facility From AfDB, IMF, World Bank

Nigeria Requests $3.7bn Facility From AfDB, IMF, World Bank

Nigeria has requested the sum of $3.5billion from the International Monetary Fund (IMF) and the African Development Bank (AfDB) to fund the 2020 Budget.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said this at a news conference in Abuja on Monday.

Ahmed revealed that the $2.5billion request to the IMF was on behalf of the states and federal government, while $1billion is being expected from AfDB.

She disclosed that the IMF COVID-19 Rapid Credit Facility would be drawn from Nigeria’s existing holdings with the World Bank Group and the IMF.

The minister explained that the loan would not be tied to conditionalities, stressing that Nigeria does not intend to negotiate or enter into a formal programme with the IMF at this time or in the nearest future.

Ahmed also disclosed that the Nigeria Centre for Disease Control (NCDC) had access to a Regional Disease Surveillance Systems (REDISSE) facility from the World Bank to the tune of $90million.

Out of this, $8million has been drawn for the coronavirus fight, while the country requested to fully draw down on the outstanding balance of $82million.

“The government has also requested for additional financing of $100million from the REDISSE project to meet COVID-19 emergency needs in all the 36 States and the FCT, through the NCDC and Federal Ministry of Health.

“This will enable us expand the capacity of intensive Care Units (ICUs), enhance laboratory capacity, accelerate the procurement of test kits, strengthen surveillance mechanisms as well as improve information management”, the minister added.