Nigeria has applied to the International Monetary Fund for a rapid credit loan of 3.4 billion US dollars as part of measures to cushion the effect of COVID-19 in the country.
The Minister of Finance and Chairman, Special Ministerial Task Force on COVID-19, Zainab Ahmed, stated this at a news conference in Abuja.
The loan is one of the measures being taken by the government to shore up the economy from the ravaging pandemic, especially with the steady fall in the price of crude in the international market.
Mrs. Ahmed says the loan being sought from thr IMF is a pre-determined fund with no conditions attached.
She says the requested loan is Nigeria’s contribution to the IMF so far.
She says 150 million dollars will also be withdrawn from the Stabilization Fund to support dwindling monthly allocations to federal and state governments.
The country is also expecting interventions from the World Bank and the Africa Development Bank as part of measures to take the pain of lockdown off the people.
About 150 trucks of foreign rice seized by the Nigeria Customs Service will also be shared for the downtrodden to ease their burden.