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.
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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.
