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

Hamilton Nwosa
Writer

Ad

How Much Mercury is in the Fish You Eat?

Low-mercury seafood options include scallops, clams, shrimp, and salmon, all with less than 0.02 ppm. Top predators like swordfish, shark, and Gulf of Mexico tilefish have the highest mercury levels, some over 1.0 ppm. Experts recommend eating high-mercury fish no more than 3 times a month, or avoiding them entirely. Mercury in fish is a…

[FULL LIST] Presidency Unveils Names of Beneficiaries of Tinubu’s Presidential Pardon

By Abiola Olawale The Nigerian Presidency has officially unveiled the names of 175 beneficiaries granted clemency under President Bola Tinubu's presidential prerogative of mercy. The announcement, ratified by the Council of State on October 9, 2025, includes posthumous pardons for iconic figures like Herbert Macaulay and Major-General Mamman Vatsa, alongside living convicts such as former…

Arise TV Anchor Somtochukwu Maduagwu’s Burial Date Announced

By Abiola Olawale The family of Somtochukwu Christelle Maduagwu, a 29-year-old Arise News anchor, reporter, and producer, has unveiled a schedule for her funeral rites, culminating in her burial on Saturday, October 18, 2025. Known affectionately as "Sommie," Maduagwu's tragic death during an armed robbery in Abuja has sparked widespread grief, tributes, and renewed demands…

Ad

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.covid-19

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

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.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp