Business News
Nigeria gets $3.4 billion disbursement from IMF, interest rate 1%
Barely a week after its board’s approval, the International Monetary Fund (IMF), has disbursed the sum of $3.4 billion to the CBN.
Barely a week after its board’s approval, the International Monetary Fund (IMF), has disbursed the sum of $3.4 billion to the Central Bank of Nigeria (CBN).
This emergency fund, which is a Rapid Financing Instrument (RFI), was approved by the IMF on April 28, 2020, to help Nigeria mitigate the devastating impact of the coronavirus pandemic and also to sort out balance of payment issues.
This was disclosed by the Managing Director of IMF, Kristalina Georgieva, during an interview with CNBC Africa, on Tuesday, May 5, 2020.
READ MORE: GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers
In her statement, the IMF boss said, “We have already disbursed the money to Nigeria. In emergency assistance, once the board approves, we disburse within days to the country and it goes to the Central Bank in dollars before it’s converted to naira for the Federal Government’s use.”
“The conditions are quite favourable. The repayment period is five years, up to two and half years is a grace period and the interest on the loan is 1%,” she added.
(READ MORE: The CBN data that can reveal whether we are already in a recession)
Georgieva said that there was a need for all receivers of the emergency funds in Nigeria to keep receipts of expenditure. She pointed out that Nigerians should demand accountability from its leaders in the spending of the emergency funds.
According to her, the funds could not afford to have credibility and accountability take the back seat in the course of the coronavirus crisis.
READ ALSO: Banks repay N387 billion agric loan to CBN
Going further, she said that Nigeria had already met and exceeded the safeguards for disbursement of the funds.
This loan is the single largest disbursement by the Bretton Woods institution to any country that has been ravaged by the coronavirus pandemic.
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Business
FG to name new train station after Mobolaji Johnson
FG to name flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
The Federal Government is set to name its flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.
This was disclosed by the Ministry of Transportation via its Twitter handle on Sunday.
It tweeted, “New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts.”
New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts. Thanks 🙏 pic.twitter.com/BgqGhrT4s4
— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
What you should know
The Federal Government has also stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea, according to Nairametrics.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
