$3.4 Billion From IMF Money Is Not A Loan

Buhari

The $3.4 billion IMF has just bin approved for Nigeria by the IMF and it is not a loan. It is our money saved as our contributions (savings) to the International Monetary Fund. And it was done during the Buhari era.

In this shortage of revenue & looming global recession as a result of the COVID-19 pandemic, over 80 countries have applied for their contributions in whole or in part to help them weather the storm of economic crisis & avoid a recession.

The Nigerian government applied for our contribution of $3.4 billion dollars which has been approved & has no conditionalities as it’s not a loan.

For those saying Nigeria was not given a debt relief like other countries IMF granted debt relief (ignorant lot) because of our bad governance, be informed that Nigeria is not owing IMF one DIME. So, how can they forgive us a debt we don’t owe?

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Buhari apparently (knowing or unknowingly) prepared for this emergency through savings in various financial instruments inspite of low oil revenue & massive infrastructural work going on around Nigeria & in which work has never stopped for a day since the COVID-19 pandemic.

To ensure Nigeria doesn’t relapse into recession after the pandemic, the government in addition to its spending to upgrade, build new facilities & invest in production of health equipments has aggressively continued & expanding on its infrastructural spending & will be creating additional 774,000 jobs in construction, 1000 in each of the 774 local governments in Nigeria.

To meet up with this, the FG is mobilizing $7.05 billion from all our domestic & international saving portfolios. Using the official dollar rate of N380/$1, the money translates to N2.679 trillion.

A breakdown of the fund being expected shows that $3.4 billion will come from Nigeria’s contributions (savings) to the International Monetary Fund (IMF) which has just been approved. $150 million would come from the stabilisation fund domiciled with the Nigerian Sovereign Investment Authority (NSIA) & will be used chiefly to support the FAAC disbursement to the FG, States & LGs.

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$1 billion is expected from African Development Bank (AfDB) in which Nigeria is the biggest contributor to the bank’s fund while $2.5 billion will be a loan from the World Bank. It’s important to note that of the $2.5 billion, $1 billion is for the 36 state governments to help them weather the expected economic crisis.

Aside from this $7.05 billion {N2.679 Trillion} the government is prospecting a yet to be disclosed amount of money in accruals from the Nigerian Liquefied Natural Gas (NLNG), among others.

This is in addition to the N500 billion intervention package already announced by the President which was sourced from local savings instruments by the CBN to be used as stimulus & recovery packages to industries, companies, small & medium scale enterprises affected by the COVID-19 pandemic crisis.

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They say PMB is an illiterate but their professors are mesmerized & confused worse than they have ever being. They can’t match his IQ level nor his vision & outstanding leadership. Lies & outright falsehoods can never outshine facts, figures & responsible leadership. That’s why they can never bury PMB with their lies, fables & satanic fabrications.

It’s now clear God doesn’t make a mistake. PMB is HIS divine project for Nigeria & that’s why a pandemic that has submerged nations all over the world, 200 million Nigerians are still afloat!

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