2020 Budget: FG Seeks Fresh $3.5b Loan Amidst COVID-19 Pandemic

By: Hamilton Nwosa

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April 6, 2020

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By Hamilton Nwosa (Head, The New Diplomat Business and data tracking desk)

Nigeria’s finance minister, Zainab Ahmed, said the country has applied to the International Monetary Fund (IMF) and African Development Bank (AfDB) to access $3.5 billion in concessional funding to support the 2020 Budget.

Ahmed disclosed this on Monday during a news conference in Abuja.

She outlined the fiscal stimulus measures that the government is implementing in response to COVID-19 pandemic and oil prices fiscal shock.

Read also: Covid-19: Nigeria Faces Tough Times as FAAC Receipts Drop to N400bn

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Ahmed said the government applied for $2.5 billion from IMF on behalf of the states and Federal Government.

The Federal Government will take $1.5 billion, while the states will have $1billion.

According to her, $1billion is also being expected from AfDB.

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

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Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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