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Nigeria has fully repaid the $3.4 billion COVID loan from the International Monetary Fund (IMF).
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This is according to Minister of Information and National Orientation, Mohammed Idris.
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The repayment demonstrates Nigeria’s seriousness and capacity to meet its debt obligations.
The Minister of Information and National Orientation, Mohammed Idris, has confirmed that Nigeria has fully repaid the $3.4 billion COVID loan from the International Monetary Fund (IMF).
Idris made the announcement while briefing State House Correspondents after the sixth Federal Executive Council (FEC) meeting on Monday.
“We can report that Nigeria has, indeed, exited from that debt, meaning we have paid it in full,” Idris stated. The loan was taken during the COVID-19 period, before the current administration, but President Bola Tinubu directed that the country exit the debt, demonstrating Nigeria’s commitment to financial discipline.
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Idris emphasised that the repayment signals to investors both domestically and internationally that Nigeria is responsible in managing its finances.
“The government is saying that there is an increasing need for private sector participation in our economic growth,” Idris added, highlighting the FEC’s directive for MDAs to collaborate more with the private sector on infrastructure development.
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The FEC also directed the Bureau for Public Procurement (BPP) to communicate the new procurement threshold for goods and services to MDAs, aiming to streamline approvals and enhance efficiency.
Idris noted that the threshold had been in place for a long time and contributed to the number of approvals required from the council.
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