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Finance minister, Ahmed, explains reasons Nigeria was excluded from IMF debt relief

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Minister of Finance, Budget and National Development, Zainab Ahmed has explained why Nigeria was excluded from the debt relief granted to 25 countries by the Executive Board of the International Monetary Fund (IMF).

In a series of tweets via her Twitter handle on Thursday, she confirmed that Nigeria does not owe the IMF, although the country has so far contributed $3.4 billion to the Fund.

The minister noted that the “relief ‘provides grants to our poorest & most vulnerable members to cover their IMF debt obligations for an initial phase over the next 6 months’

“Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. Nigeria’s application for new IMF financing is under consideration and receiving attention. The new application is for financing under the Rapid Financing Initiative (RFI).

“Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on International Monetary Fund website.”

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The beneficiaries were Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali and Mozambique.

Others are Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

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