Minister of Finance, Budget and National Planning, Zainab Ahmed, has explained why Nigeria is borrowing $3.4bn from the International Monetary Fund.
In an interview on Channels Television’s Politics Today Programme, the minister said the loan will help in curbing the spread of the COVID-19 pandemic and regulating the crash in crude oil prices.
The minister also said that the money will support the budget and stabilize the country’s economy especially the revenue from oil and gas. “The financial package is for assistance to curb this COVID-19 pandemic and the shock that we have had in terms of the crash in the crude oil prices. “It’s broad, it will support the budget, stabilize the economy from the significant decline in the revenues from oil and gas as well as large expenditure to manage the health crisis.”
