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International Monetary Fund Approves N1.3 Trillion Loan For Nigeria

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• It is expected to limit the decline in ext reserves and provide funds for spending

• This is in addition to Buhari’s N850bn loan approved by Senate

• Nigeria also seeks $2.5b loan from World Bank and $1b from African Devpt Bank.

The International Monetary Fund (IMF) has approved the $3.4 billion loan requested by the Buhari led administration to curbs the fight against the coronavirus COVID-19.

The one trillion three hundred twenty-four billion three hundred million, N1,324,300,000,000.00 loans which have a maximum repayment period of five years was approved by the IMF board on Tuesday.

Recall we reported earlier that the Nigerian senate approved 850 billion loan request to Buhari.

Who is going to pay the national debt?

Maybe the next president of the nation.

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