The IMF reported that Nigeria requested the money under the Rapid Financing Instrument (RFI) and that this was approved on April 28. The US cash represented the amount recovered from what Head of State Sani Abacha looted. PANDEMIC EFFECTSAdvertisementThe fund from IMF, at a 3.4 per cent interest rate, is refundable in five years. IMF's Managing Director Kristalina Georgieva said it will help Nigeria deal with economic troubles brought on by the Covid-19 pandemic. The repatriated $311 million from the assets of the late Abacha will be used according to terms reached with the United States.

Source: Daily Nation May 06, 2020 14:48 UTC