₦airaland Forum

Buccalcavity2:
Joke is on you! Team Nigeria is a mess. Nigeria is meeting all her obligations and you doubt it. Not borrowing to service debt o. Cleared 60% of outstanding in 1yr!
É go clear for una eyes soon

Nothing dey clear Nigeria is a mess currently, Economy is in tatters people could barely afford to buy food and other groceries

Buccalcavity2:
Make una dey read now biko. Interest rate is at 1%. How competitive can that be. And your country paid back both interest and principal unlike some countries that went to restructure loan coz of cashflow issues.
Is this news painful Ni?

It is very painful when APC of Buhari borrowed those loans we were protesting and lending our voices why he should Stop borrowing but they ended up looting everything now we are starving, no fuel, food, electricity, houses, water, roads, what did the same APC achieved with such loans nothing

Buccalcavity2:
Haba! is that not what you yabbed Buhari for? Taking loans for infrastructure, which you (obidients) claim are not necessary. Rail, second naija bridge, power generation...Buhari took loan.Tinubu paid back.
Good thing is the repayment is from cashflow not borrowed. That is good news to creditors, investment community and rational citizens.

Good news when the citizenry are on the receiving end for their mismanagement, the poor are being squeezed until when they have no life in them again

dheilaw1:
he was stopped from becoming vice president in 2019, he was stopped from becoming president in 2023, he'd be stopped forever. Obi won't become president. Let that sink.

lol continue fantasizing if you can’t stop him

The US owes trillions in debt to China which it is making no effort to pay off.

Nigerians are being starved so that the government can say they have paid IMF money they don’t need.

It would be more impressive if Tpain and his pack of bumbling ministers came up with a plan that doesn’t starve us.

Flamemignon1:
The IMF isn't in America, it's in Europe

But they are in control of the currency right

Buccalcavity2:
Nigeria has serviced its debt to the International Monetary Fund with not less than $1.22 billion over nine months, data from the Debt Management Office’s external debt service reports has shown.

The payments were made as part of principal repayments for three consecutive quarters, from Q4 2023 to Q2 2024.

The breakdown of the payments shows that $401.73m was paid in Q4 2023, followed by $409.35m in Q1 2024, and $404.24m in Q2 2024, amounting to a total of $1.22bn.

As a result of these repayments, Nigeria’s debt to the IMF has decreased significantly, dropping from $3.26bn as of June 2023 to $1.16bn by June 2024.

This reflects a substantial reduction of 64.42 per cent within one year.

It was earlier reported that the current administration of President Bola Tinubu is expected to pay off a $3.4bn owed to the International Monetary Fund during his tenure.

In April 2020, the IMF disbursed a $3.4bn 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 loaned amount was disbursed on April 30, 2020.

A statement by the IMF on the loan read, “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.”

It was also reported earlier that Nigeria was expected to pay SDR373.81m ($497.17m), which included principal (SDR306.81m/$408.06m) and interest fee (SDR67m/$89.11m) on the loan.

Also, Nigeria was expected to pay a total of SDR1.32bn ($1.76bn) in 2024. This comprised a principal fee of SDR1.23bn ($1.64bn) and an interest fee of SDR94.76m ($126.03m).

In 2025, Nigeria will be expected to pay a total of SDR650.58m ($865.27). This comprised a principal fee of SDR613.63m ($816.13m) and an interest fee of SDR36.95m ($49.14m).

The country would be expected to pay a total of SDR25.56m ($33.99m) each in 2026 and 2027, which would be only an interest fee. This is the least amount during the repayment period.

In total, the administration of Tinubu would be expected to pay $3.19bn to the IMF, which further meant that the previous administration likely paid $320m on loan.

In its 2022 financial statements, the CBN referred to the loan.

It stated, “In 2020, the bank entered into a rapid financing instrument arrangement with the International Monetary Fund on behalf of the Federal Government of Nigeria. The loan is a 5-year tenor facility, repayable after a moratorium of two years and the interest rate is one per cent per annum.”

The CBN added, “Repayment of the IMF loans as well as charges is the responsibility of the bank.”
https://punchng.com/nigeria-repays-1-22bn-to-imf-in-nine-months-report

That's very impressive.

Indeed, loans with single-digit interest rates are the best and are required by governments worldwide, investors and companies to grow their economies and businesses. It's great that Nigeria is about to round off payments of the COVID loan facility.

The IMF interest rate is 1% per annum with a 5-year tenor.

Buccalcavity2:
Haba! is that not what you yabbed Buhari for? Taking loans for infrastructure, which you (obidients) claim are not necessary. Rail, second naija bridge, power generation...Buhari took loan.Tinubu paid back.
Good thing is the repayment is from cashflow not borrowed. That is good news to creditors, investment community and rational citizens.

Every one criticising the incompetence of this government is tagged obedient...smh

Where are the infrastructures, they keep collecting loans yet no power, no roads. rails etc

The burden of borrowing

mofedamijo:
Its written there, learn to read.

As a result of these repayments, Nigeria’s debt to the IMF has decreased significantly, dropping from $3.26bn as of June 2023 to $1.16bn by June 2024.

This reflects a substantial reduction of 64.42 per cent within one year.

It was earlier reported that the current administration of President Bola Tinubu is expected to pay off a $3.4bn owed to the International Monetary Fund during his tenure.

How can $3.4bn-1.22bb be equal to $1.16bn?

What Mathematical formula did they use in arriving at the figures? How did they itirate it?

Buccalcavity2:
Please read the article again. This time very slowly so you can understand. Principal and interest are paid. Interest appears,only much, because we got 2years moratorium. If this is too much for your comprehension, just focus on PO. That one is easier to understand.

You re correcting the financial illiterate.
Thanks.

rinzaugustine:
Lol audio repayment. Na today? Monday now IMF will issue disclaimer warning them not to associate that with them as had happened many times in the past from so called dubai deal , indian deal , maersk deal etc all turned out to be lies and propaganda from Emilokan and his Gang of failures. After almost two years the fool cannot point to one single achievement except lies and propaganda. Never believed in my wildest imagination anybody would be worse than buhari but today buhari is better than tinubu. Tinubu doesn’t have anything to offer Nigeria if you give him 40 years

Always celebrating evil and bad news.

Atuero:
How can $3.4bn-1.22bb be equal to $1.16bn?

What Mathematical formula did they use in arriving at the figures? How did they itirate it?

Argue with your keyboard

patrickcollins:
Nothing dey clear Nigeria is a mess currently, Economy is in tatters people could barely afford to buy food and other groceries

Why can't y'all just be happy for good news

kayperry:
These lame comparism is one of the issues, countries take loan but how many of these countries take loans that are later diverted, looted or use to finance politician opulence

with the level of corruption in Nigeria we are not on the same pedestral with most countries for comparism at all ... sane countries collect loan and use it for what is meant for unlike Nigeria we just loot

I have seen a lot of elite use America as a justification, its true america borrow a lot, but people forget america borrow in dollars and dollars the official int'l trade currency, america dont struggle to payback.

In Nig, no accountability, no transparency, naa thieves full elm of affairs .. the mention of loan is always a qualm

You see! Due to your censorious tendency, you don't even know what to focus on. Incoherent Conjectures.
Over 80% of countries took loan during COVID not for infrastructures, just to oil their economy. US Britain, Canada,Ghana..... all borrowed in some cases just to transfer to people or construct temp COVID camp or pay health care workers or complement income source. Coz your crude was not purchased, no company opened....but you'll forget.
This thread focused on credit worthiness of Nigeria. Not corruption assessment, politician opulence or borrowing in foreign currency. You can open topics for that.

allthingsgood:
Why can't y'all just be happy for good news

Guy no one is happy in Nigeria now things are very rough

Another scam. They created Covid; shut down the global economy by creating arrificial pandemic; create “vaccines” to protect the population and trick countries into accepting bogus emergency financial assistance loans. Years later the recoup $Billions for a fake pandemic.

mofedamijo:
Its written there, In April 2020, the IMF disbursed a $3.4bn 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 loaned amount was disbursed on April 30, 2020.

Ajsmart:
Another scam. They created Covid; shut down the global economy by creating arrificial pandemic; create “vaccines” to protect the population and trick countries into accepting bogus emergency financial assistance loans. Years later the recoup $Billions for a fake pandemic.

Whatever makes you sleep better at night....

Okay, and how.much have they borrowed over the same period.

Its just like you borrow billions, and remove a portion the repay your old debt in a redueling cycle

Apel147:
Obi still no go be President 😜

Wetin concern Obi with this post?

Kujo:
What was the loan used for

Na that one pain you pass ?

U no ask how much was borrowed to pay this loan?

The probably borrowed $20 billion to repay $1.2 billion, looted $18.8 billion and thus putting Nigeria in additional $18.8 billion debt more than before…

To understand the evil living inside Nigeria politicians has to be a phd course

Brendaniel:
It won't still work, because of Tinubu's level of corruption.

Just imagine, he paid 1.2 billion dollars of the debt and took over 3 billion dollars more in the same 9 months, is that what OBJ did?

No loan giver will see you taking more loans and forgive the previous ones you have not paid complete from the same person(the lender)

So Tinubu was rolling Nigeria in 2020? Reading comprehension is very hard for a lot of you on this forum.

Is it your obi? U know which obi I d talk about 🤣😜🤣🤣😜

GetSenseNow:
Wetin concern Obi with this post?