FG has fulfilled disbursement criteria for $3.4bn loan – IMF

The International Monetary Fund (IMF) has confirmed that the Federal Government has complied with the transparent and accountable disbursement requirements of the $3.4 billion Rapid Financing Instrument (RFI), facility granted it contain the COVID-19 pandemic spread in the country.

The IMF loan is meant to support the healthcare sector, stabilise the economy and protect jobs and businesses that have been severely impacted by the pandemic.

Bretton Woods Institution Mission Chief for Nigeria, Amine Mati, during a conversation, pointed out the measures to be taken by Nigeria in order to enhance transparency and governance in the use of the $3.4bn IMF emergency financing.

According to the IMF chief, the Nigerian Government had committed to undertake an independent audit of crisis mitigation spending and related procurement processes, as well as to publish procurement plans and notices for all emergency response activities which include the names of companies that were awarded the contracts and the beneficial owners.

Mati also disclosed that special budget lines were to be created to record all crises emergency response measures which were published daily on Nigeria’s treasury online portal.

These measures will not only ensure that financial assistance received as part of the COVID-19 response is used for its intended purposes, but will also significantly strengthen the oversight of the entire budget used for the government’s crises response.