The Federal Government of Nigeria is required to pay a debt of $3.51bn to the International Monetary Fund between 2022 and 2026.
This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’
In April 2020, the IMF shelled out a $3.4bn emergency financial assistance to Nigeria
The loan was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28.
It aimed to address challenges arising from the economic impact of the COVID -19 in the country.
A statement by the IMF on the loan read, “The IMF approved $3.4bn in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.”
Under a section titled ‘Overdue Obligations and Projected Payments to Fund’, a breakdown of how much Nigeria is expected to pay each year is provided.
The amount to be paid is provided in the Special Drawing Rights. The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
SDR1 is currently $1.39 based on the exchange rate provided by the IMF on its website.
