The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has addressed concerns that Nigeria did not benefit from the recent International Monetary Fund (IMF) debt relief to 25 countries.
She disclosed that Nigeria was not indebted to the IMF, and so there was no debt to forgive.
Ahmed stated this in a series of tweets on Thursday.
“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.
“The new application is for financing under the Rapid Financing Initiative (RFI).
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“Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on International Monetary Fund website,” Ahmed tweeted.
On Monday, IMF said it was embarking on immediate debt service relief to 25 countries under its revamped Catastrophe Containment and Relief Trust.
The beneficiaries are: 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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