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Why Nigeria Cannot Be on the List of IMF Debt Relief to Nations – FG

The Federal Government of Nigeria has explained why Nigeria is missing on the list of nations that received debt relief grants from the International Monetary Fund (IMF), to cushion the effect of the COVID-19 Outbreak globally.

Nigerians on different platform expressed dissatisfaction when 25 different nations except Nigeria across the globe received debt relief grants in the face of the COVID-19 outbreak from IMF.

In a tweet, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria did not benefit from the recent debt relief by the International Monetary Fund because the country is not indebted to the IMF.

“It is true Nigeria is not a beneficiary of recent IMF debt relief for 25 countries. As stated in IMF Executive Board statement, the relief ‘provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months’.

“Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. Nigeria’s application for new IMF financing is under consideration and receiving attention.”

“Nigeria is entitled to access up to 100 per cent of its quota under the Rapid Financing Initiative. Our current financial position at the IMF is public information on the International Monetary Fund website,” she added.

The beneficiary countries were Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

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