### Summary
Nigeria is expected to repay a $3.5 billion loan from the International Monetary Fund (IMF) in 2025. The loan was approved in 2020 to address the economic impact of the COVID-19 pandemic. Nigeria has made only one payment out of the four loan disbursements.
### Facts
- Nigeria is expected to repay a $3.5 billion IMF loan in 2025.
- The loan was approved in 2020 to address the economic impact of the COVID-19 pandemic.
- Nigeria has made only one payment out of the four loan disbursements.
- The breakdown of the loan shows that Nigeria is expected to pay $497.17 million in 2023, $1.76 billion in 2024, $865.27 million in 2025, and $33.99 million each in 2026 and 2027.
- Nigeria's repayment has been extended to 2027.
- The previous government may have paid $320 million on the loan.
- Petrol marketers in Nigeria are demanding petrol subsidies amid rising depot prices.
- The Nigerian government has successfully repaid a $500 million Eurobond borrowed under former President Goodluck Jonathan.
### Credit
Source: KOLA SULEIMON (Getty Images)
### Summary
Kenya will allow private sector players to take over the government-backed fuel import credit scheme after the International Monetary Fund (IMF) raised concerns about currency-related costs for taxpayers.
### Facts
- Kenya will step back from the government-backed fuel import credit scheme negotiated with gulf nations.
- The IMF expressed concerns about taxpayers being exposed to currency-related costs.
- The government will allow private sector players, including oil marketing companies (OMCs), banks, and credit insurance providers, to run the scheme.
- The scheme aims to ease forex pressures by postponing the demand for dollars for fuel purchases, estimated at $500 million monthly.
- The Treasury provides comfort letters to exporters and local banks as assurance of meeting obligations for fuel purchases.
- The IMF believes the government is exposed to risks if forex valuation losses are not passed through to consumers.
- The government will make the first payment for the April consignment in mid-September.
- The total amount of outstanding obligations of oil marketing companies is estimated to be over $4 billion by the end of September 2023.
- The government insists that it is not incurring any costs and is creating safeguards for the market.
### Reference
- [IMF express concerns](https://www.businessdailyafrica.com/bd/markets/commodities/kenya-gulf-fuel-credit-scheme-IMF/4007734-5570322-t8m8xhz/index.html)
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