Finance Minister Zainab Ahmed says a standby boost from the International Monetary Fund, IMF will help Nigeria reduce 2022 spending shortfall.
She announced that Nigeria received an IMF allocation of 3.35 billion dollar in reserve assets, known as special drawing rights, SDR and plans to use the funds to reduce a budget deficit that’s set to exceed a legal limit.
The Minster added that the Federal Government still needs to discuss the terms at which it plans to borrow the IMF funds from the central bank, but did not specify how much of the reserves the government would use.
It was learnt that Nigeria, which tapped international markets last month for the first time since 2018, raising 4 billion dollars, plans to spend 16.4 trillion naira next year more than initially projected.
