Nigerian Human Rights Lawyer Seeks ProbeInto Alleged Diversion Of $3.4bn IMF Loan cover art

Nigerian Human Rights Lawyer Seeks ProbeInto Alleged Diversion Of $3.4bn IMF Loan

Nigerian Human Rights Lawyer Seeks ProbeInto Alleged Diversion Of $3.4bn IMF Loan

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 Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund by Nigeria to fight the COVID-19 pandemic. Falana asked the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were used for their intended purposes. He further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to N275.28 billion pending the conclusion of its investigation. The International Monetary Fund confirmed that Nigeria had fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrumentbut scheduled charges, including net charges, basic interest and administrative fees, amount toN275.28 billion.

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