Federal Govt To Begin Repayment Of IMF Loan In June

The federal government has said it will commence the repayment of $3.4bn Rapid Credit Facility to the International Monetary Fund (IMF) from June this year.

The loan facility has a quarterly repayment plan.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this during an interview with reporters in Abuja on Wednesday.

The Minister also disclosed that the federal government surpassed its target for independent revenue to generate N1.1 trillion in 2021.

Mrs Ahmed made the remarks at the public presentation of the 2022 Appropriation Act.

The $3.4bn Rapid Credit Facility was obtained by the Federal Government from the IMF in 2020 during the period when the Corona virus pandemic led to a shutdown of the Nigerian economy.

The IMF facility was collected by the federal government during the peak of Covid-19 pandemic in 2020.

IMF used the instrument as a concessional financial assistance to countries that were facing urgent financial need.