IMF considers approval of Nigeria’s $3.4bn emergency loan request Tuesday

The International Monetary Fund (IMF) will be sitting on Tuesday to consider recommendation for approval Nigeria’s $3.4 billion loan request for emergency funding as part of the measures to mitigate the hardship caused by coronavirus pandemic in the country and the devastation of the national economy.

The loan, which is scheduled to be repaid in not more than five years, is considered the largest allocation by the IMF to an African country to assist with the coronavirus pandemic.

Minister of Finance, Zainab Ahmed, earlier in the month classified the loan as part of funds being expected from multilateral organisations to aid the country’s battle against the pandemic.

As of 10 pm on Saturday, Nigeria had 1,095 confirmed coronavirus cases out of which there have been 208 recoveries and 32 deaths. Coronavirus infection was first detected in Nigeria in February 27 and has since then been on the rise unabated.

Globally, there have been more than two million confirmed cases and over 200,000 deaths.