Nigeria is to borrow $7.050 billion from multilateral financial institutions to cushion the effect of COVID – 19 on the nation’s economy.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this on Wednesday in Abuja, said the country was seeking a $2.5bn loan from the World Bank, $1bn from the African Development Bank and an undisclosed amount from the Islamic Development Bank.
The Minister said the federal government had applied for the release of its contributions to the International Monetary Fund (IMF), totalling $3.4bn under the Fund’s Rapid Credit Loan Facility, as part of measures to mitigate the effect of coronavirus on the economy.
She added that $150m would be drawn from the Stabilisation Fund of the Nigerian Sovereign Investment Authority (NSIA) to augment June Federation Account Allocation.
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