Covid-19: IMF cautioned against giving fresh $3.4bn loan to Nigeria

Global financial institution, the International Monetary Fund (IMF) has been cautioned not to give the Nigerian government another $3.4bn loan to purportedly fight the coronavirus pandemic.

Before furrher financial assistance could be given to Nigerian government which currently seeks $3.4billion loan to fight COVID-19, the IMF was advised to
demand a comprehensive detail of how previous loans taken from China and several other sources were used.

A political activist, Comrade Timi Frank, in a statement made available to newsmen on Monday said inadequate accountability of previous funds in loans and grants taken from the IMF and other international organisations by the Buhari administration has put credibility question on further demand for assistance.

He was of the opinion that if such huge amount of money is given to Nigerian government it will be mismanaged.

Concerned that Nigeria is still refer to as the poverty capital of the world despite all the previous loans taken in the last five years of the Buhari administration, the former APC deputy spokesman warned that the international organisations should not mortgage the future of unborn Nigerians.

Frank said: “the APC government has negatively given another name to governance in Nigeria and it is now government of loan. The IMF must demand to see the roads, the healthcare facilities and all manners of infrastructures previous loans were used for.”

“I hereby advise the IMF and other organisations to be cautious not to facilitate corruption in Nigeria. The proposed $3.4billion loan given to Nigeria to fight COVID-19 is questionable. General Buhari’s government has collected several loans from China & World Bank, but it doesn’t reflect amongst Nigerians.

“The purpose of the loans over the years are not been carried out. Buhari is corrupt, they will end Up sharing the money among themself and give the Nigerians contrived stories. The loan will not be used to tackle COVID-19. They will build no hospitals, or buy any medical equipment,” Frank warned.

The activist said virus such as corruption, hunger, poverty, nepotism, and wickedness kill Nigerians daily more than COVID-19.

Frank called on wealthy Nigerians to donate directly to the citizens instead of donating to the federal government.

“I hereby appeal to the private sectors and businessmen to quit donating relief funds to the Nigerian government, instead they should donate directly to Nigerians through their BVN; so this money can get to Nigerians directly, instead of giving the money to this corrupt government”, he pleaded.