The International Monetary Fund (IMF) has confirmed that the
Federal Government has complied with the transparent and
accountable disbursement requirements of the $3.4 billion Rapid
Financing Instrument (RFI), facility granted it contain the
COVID-19 pandemic spread in the country.
The IMF loan is meant to support the healthcare sector,
stabilise the economy and protect jobs and businesses that have
been severely impacted by the pandemic.
Bretton Woods Institution Mission Chief for Nigeria, Amine Mati,
during a conversation, pointed out the measures to be taken by
Nigeria in order to enhance transparency and governance in the use
of the $3.4bn IMF emergency financing.
According to the IMF chief, the Nigerian Government had
committed to undertake an independent audit of crisis mitigation
spending and related procurement processes, as well as to publish
procurement plans and notices for all emergency response activities
which include the names of companies that were awarded the
contracts and the beneficial owners.
Mati also disclosed that special budget lines were to be created
to record all crises emergency response measures which were
published daily on Nigeria’s treasury online portal.
These measures will not only ensure that financial assistance
received as part of the COVID-19 response is used for its intended
purposes, but will also significantly strengthen the oversight of
the entire budget used for the government’s crises response.
The International Monetary Fund (IMF) has confirmed that the
Federal Government has complied with the transparent and
accountable disbursement requirements of the $3.4 billion Rapid
Financing Instrument (RFI), facility granted it contain the
COVID-19 pandemic spread in the country.
The IMF loan is meant to support the healthcare sector,
stabilise the economy and protect jobs and businesses that have
been severely impacted by the pandemic.
Bretton Woods Institution Mission Chief for Nigeria, Amine Mati,
during a conversation, pointed out the measures to be taken by
Nigeria in order to enhance transparency and governance in the use
of the $3.4bn IMF emergency financing.
According to the IMF chief, the Nigerian Government had
committed to undertake an independent audit of crisis mitigation
spending and related procurement processes, as well as to publish
procurement plans and notices for all emergency response activities
which include the names of companies that were awarded the
contracts and the beneficial owners.
Mati also disclosed that special budget lines were to be created
to record all crises emergency response measures which were
published daily on Nigeria’s treasury online portal.
These measures will not only ensure that financial assistance
received as part of the COVID-19 response is used for its intended
purposes, but will also significantly strengthen the oversight of
the entire budget used for the government’s crises response.