ladkud:
[b]
[/b]COPIED
*$3.4 BILLION FROM IMF IS NOT A LOAN & WHY PMB IS ALWAYS AHEAD...*



Yes, the $3.4 billion IMF has just bin approved for Nigeria by the IMF and it is not a loan. It is our money saved as our contributions (savings) to the International Monetary Fund. And it was done during the Buhari era.

In this shortage of revenue & looming global recession as a result of the COVID-19 pandemic, over 80 countries have applied for their contributions in whole or in part to help them weather the storm of economic crisis & avoid a recession.

The Nigerian government applied for our contribution of $3.4 billion dollars which has been approved & has no conditionalities as it's not a loan.

For those saying Nigeria was not given a debt relief like other countries IMF granted debt relief (ignorant lot) because of our bad governance, be informed that Nigeria is not owing IMF one DIME. So, how can they forgive us a debt we don't owe?

Buhari apparently (knowing or unknowingly) prepared for this emergency through savings in various financial instruments inspite of low oil revenue & massive infrastructural work going on around Nigeria & in which work has never stopped for a day since the COVID-19 pandemic.

To ensure Nigeria doesn't relapse into recession after the pandemic, the government in addition to its spending to upgrade, build new facilities & invest in production of health equipments has aggressively continued & expanding on its infrastructural spending & will be creating additional 774,000 jobs in construction, 1000 in each of the 774 local governments in Nigeria.

To meet up with this, the FG is mobilizing $7.05 billion from all our domestic & international saving portfolios. Using the official dollar rate of N380/$1, the money translates to N2.679 trillion.

A breakdown of the fund being expected shows that $3.4 billion will come from Nigeria’s contributions (savings) to the International Monetary Fund (IMF) which has just been approved. $150 million would come from the stabilisation fund domiciled with the Nigerian Sovereign Investment Authority (NSIA) & will be used chiefly to support the FAAC disbursement to the FG, States & LGs.

$1 billion is expected from African Development Bank (AfDB) in which Nigeria is the biggest contributor to the bank's fund while $2.5 billion will be a loan from the World Bank. It's important to note that of the $2.5 billion, $1 billion is for the 36 state governments to help them weather the expected economic crisis.

Aside from this $7.05 billion {N2.679 Trillion} the government is prospecting a yet to be disclosed amount of money in accruals from the Nigerian Liquefied Natural Gas (NLNG), among others.

This is in addition to the N500 billion intervention package already announced by the President which was sourced from local savings instruments by the CBN to be used as stimulus & recovery packages to industries, companies, small & medium scale enterprises affected by the COVID-19 pandemic crisis.

They say PMB is an illiterate but their professors are mesmerized & confused worse than they have ever being. They can't match his IQ level nor his vision & outstanding leadership. Lies & outright falsehoods can never outshine facts, figures & responsible leadership. That's why they can never bury PMB with their lies, fables & satanic fabrications.

It's now clear God doesn't make a mistake. PMB is HIS divine project for Nigeria & that's why a pandemic that has submerged nations all over the world, 200 million Nigerians are still afloat!

If you are in doubt Google is your friend

ladkud:
[b]
[/b]COPIED
*$3.4 BILLION FROM IMF IS NOT A LOAN & WHY PMB IS ALWAYS AHEAD...*



Yes, the $3.4 billion IMF has just bin approved for Nigeria by the IMF and it is not a loan. It is our money saved as our contributions (savings) to the International Monetary Fund. And it was done during the Buhari era.

In this shortage of revenue & looming global recession as a result of the COVID-19 pandemic, over 80 countries have applied for their contributions in whole or in part to help them weather the storm of economic crisis & avoid a recession.

The Nigerian government applied for our contribution of $3.4 billion dollars which has been approved & has no conditionalities as it's not a loan.

For those saying Nigeria was not given a debt relief like other countries IMF granted debt relief (ignorant lot) because of our bad governance, be informed that Nigeria is not owing IMF one DIME. So, how can they forgive us a debt we don't owe?

Buhari apparently (knowing or unknowingly) prepared for this emergency through savings in various financial instruments inspite of low oil revenue & massive infrastructural work going on around Nigeria & in which work has never stopped for a day since the COVID-19 pandemic.

To ensure Nigeria doesn't relapse into recession after the pandemic, the government in addition to its spending to upgrade, build new facilities & invest in production of health equipments has aggressively continued & expanding on its infrastructural spending & will be creating additional 774,000 jobs in construction, 1000 in each of the 774 local governments in Nigeria.

To meet up with this, the FG is mobilizing $7.05 billion from all our domestic & international saving portfolios. Using the official dollar rate of N380/$1, the money translates to N2.679 trillion.

A breakdown of the fund being expected shows that $3.4 billion will come from Nigeria’s contributions (savings) to the International Monetary Fund (IMF) which has just been approved. $150 million would come from the stabilisation fund domiciled with the Nigerian Sovereign Investment Authority (NSIA) & will be used chiefly to support the FAAC disbursement to the FG, States & LGs.

$1 billion is expected from African Development Bank (AfDB) in which Nigeria is the biggest contributor to the bank's fund while $2.5 billion will be a loan from the World Bank. It's important to note that of the $2.5 billion, $1 billion is for the 36 state governments to help them weather the expected economic crisis.

Aside from this $7.05 billion {N2.679 Trillion} the government is prospecting a yet to be disclosed amount of money in accruals from the Nigerian Liquefied Natural Gas (NLNG), among others.

This is in addition to the N500 billion intervention package already announced by the President which was sourced from local savings instruments by the CBN to be used as stimulus & recovery packages to industries, companies, small & medium scale enterprises affected by the COVID-19 pandemic crisis.

They say PMB is an illiterate but their professors are mesmerized & confused worse than they have ever being. They can't match his IQ level nor his vision & outstanding leadership. Lies & outright falsehoods can never outshine facts, figures & responsible leadership. That's why they can never bury PMB with their lies, fables & satanic fabrications.

It's now clear God doesn't make a mistake. PMB is HIS divine project for Nigeria & that's why a pandemic that has submerged nations all over the world, 200 million Nigerians are still afloat!

If you are in doubt Google is your friend

A day after the International Monetary Fund (IMF) granted Nigeria’s request for a $3.4 billion emergency fund, the federal government has said that it is a flexible loan, which will be repaid in five years at one per cent interestrate.

Prior to the new twist, Nigerians were inundated with reports that the money was a drawdown on Nigeria’s savings with the IMF without any conditions attached.

But yesterday, the government admitted that the Rapid Financing Instrument (RFI) was approved for the country on Tuesday, with strings attached.

Speaking on a Nigerian Television Authority (NTA) programme, which LEADERSHIP monitored in Abuja yesterday, the minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, explained that the $3.4 billion facility was granted at one per cent interest rate with a three and half years repayment moratorium. She added that the facility has a repayment plan of five years.

Addressing journalists earlier in the month, the minister had said: ”This (the $3.4billion emergency support fund) will not be tied to any conditionalities.”

In a swift reaction, a professor of capital market, Uche Uwaleke, urged the government ”to be as wise as a serpent” in her dealing with the IMF.

The former Imo State finance commissioner said that while an additional soft credit line of $3.5 billion which the government hopes to get from the World Bank ($2.5 billion) and the African Development Bank ($1 billion) to wage COVID-19 war stands to reason, the same cannot be said of the $3.4 billion loan from the IMF.

In a telephone interview with LEADERSHIP, Prof. Uwaleke said that his reservation was to the fact that the IMF credit facility was a non-concessional loan with commercial terms being disbursed under the IMFs Rapid Financing Instrument (RFI) which, in addition to a basic interest rate charge, attracts a commitment fee, service charge and a surcharge on outstanding credit.

Financial assistance under the RFI is provided in the form of outright purchases without the need for a full-fledged programme or reviews. A member country requesting RFI assistance is required to cooperate with the IMF to make efforts to solve its balance of payments difficulties and to describe the general economic policies that it proposes to follow. Prior actions may be required where warranted.

He explained that the facility was like a cooperative society granting its member loan the amount of which is determined by what is contributed. The country is not leaving the IMF membership by pulling its contribution/quota known as Special Drawing Rights.

Uwaleke said that ”while the government is encouraged to muster every resource in the fight against the pandemic, entering into a debt trap will clearly jeopardise economic recovery effort post COVID-19.”

Beyond that, Uwaleke said that except the relevant section is amended by the National Assembly, the IMF loan, unlike the long tenured concessional facilities from the World Bank and AfDB, contravenes Section 41 of the 2007 Fiscal Responsibility Act which requires that the government can only go for long -term concessional loans for capital expenditure.