The minister of finance, budget and national planning in Nigeria, Mrs. Zainab Ahmed, disclosed this on Monday at a press briefing in Abuja. Out of the sum, about $3.4bn is Nigeria’s total savings at the International Monetary Fund (IMF), which the FG is applying to draw completely, $2.5bn loan from the World Bank and another $1bn from the African Development Bank (AfDB).
She, however, didn’t specify the amount being sort from the Islamic Development Bank but she indicated the FG was requesting for funds from the bank as well.
Ahmed explained that $1bn from the World Bank loan will go to the states. She also noted that though the FG had requested to draw all its $3.4bn savings at the IMF, which is coming without conditionalities because it is not an IMF programme, it is not immediately clear how much the IMF will eventually approved.
The minister further indicated that Nigeria could access the fund at the IMF in six weeks but could take up to two months to get the loans from the World Bank and the AFDB.