Nigeria seems to have proved the resilience of its economy as it has completed repaying the 3.4 billion dollars COVID loan it took from the International Monetary Fund (IMF).
Many could be surprised the country spent that much, obviously alongside other funds, but it could also be assuring that it has offset it within five years.
Mohammed Idris, the Minister of Information and National Orientation, confirmed the repayment while briefing State House Correspondents after the sixth Federal Executive Council (FEC) meeting on Monday.
Idris addressed some scepticism regarding the repayment, stating, “We can report that Nigeria has, indeed, exited from that debt, meaning we have paid it in full.”
He explained that the loan was taken during the COVID-19 period, before the current administration, but that President Bola Tinubu viewed government as a continuum and directed that the country exited the debt.
Idris emphasised that the move demonstrated Nigeria’s seriousness and capacity to meet its debt obligations, signalling to investors both domestically and internationally that Nigeria was responsible in managing its finances.
Additionally, Idris announced that FEC had directed the Bureau for Public Procurement (BPP) to communicate the new procurement threshold for goods and services to Ministries, Departments, and Agencies (MDAs).
He noted that the threshold had been in place for a long time and contributed to the number of approvals required from the council.
He also stated that the council had directed all MDAs, especially the Ministry of Works, to collaborate more with the private sector on infrastructure development.
“The government is saying that there is an increasing need for private sector participation in our economic growth,” Idris added
