International Monetary Fund

Nigeria’s Debt-To-GDP Ratio To Hit 42% By 2026 – IMF

October 17, 2021 2:55 am

The International Monetary Fund (IMF) has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42% by 2026 from 35.7% in 2021.

The IMF made this projection in the October 2021 Fiscal Monitor Report published on its website which was obtained by Africa Daily News, New York.

It predicted that the country’s gross debt-to-GDP ratio would increase from 35.7 percent in 2021 to 36.9 percent in 2022, 37.7 percent in 2023, 39.1 percent in 2024, and 40.6 percent in 2025.

According to the report, the gross debt includes overdrafts from the Central Bank of Nigeria …

Breaking: IMF Approves $3.4b Loan For Nigeria

April 29, 2020 7:45 am

The International Monetary Fund (IMF) has approved Nigeria’s request for $3.4 billion loan to fight the devastating effect of the COVID-19.

The loan, which has a maximum repayment period of five years was approved by the Fund’s board Tuesday.

The emergency financial assistance was approved under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.

It will also assist Nigeria to meet the urgent balance of payment needs stemming from the COVID-19 pandemic.