Africa Business News

The current administration of Bola Tinubu is expected to pay off a $3.4bn owed to the International Monetary Fund during his tenure. The IMF disbursed $3.4bn in emergency financial assistance to Nigeria. The loan was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28 ‎to address challenges arising from the economic impact of COVID-19 in the country. The IMF approved $3.4bn in emergency financial assistance 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.