The Africa Network for Environment and Economic Justice (ANEEJ), Tuesday, called on the Central Bank of Nigeria (CBN) to publish details of allocation and utilisation of the $3.35 billion Special Drawing Rights (SDR) fund allocated to Nigeria by the International Monetary Fund (IMF).
The group also urged the National Assembly to exercise its constitutional role of oversight on the apex bank and other agencies saddled with the responsibility of debt management in the country.
The Acting Executive Director of ANEEJ, Mr. Leo Atakpu, who gave this urge in a chat with journalists in Benin City, Edo state said: “The SDR is a facility from IMF to member countries that are facing liquidity issue.
“The fund is not a loan. It is a grant to countries to help them overcome challenges at the time they are released.”
Continuing, Atakpu said Nigeria got its share of $3.35 billion in 2021 and was domiciled in the CBN.
He stated that ANEEJ is concerned that the CBN was yet to explain to Nigerians how it has utilised the fund, even if they are using it to shore up external reserves.
He stated further that, “As a Nigerian, when I go out on global floral, we have very little information to share about our nation.”
He called on the IMF to speed up the process of re-channeling of SDRs through the African Development Bank (ADB) for the development of social sectors like education, health and infrastructure.
Atakpu added that the IMF and developed countries should consider the redistribution of IMF quota on ‘needs’ basis and not on GDP, noting that the move would help developing countries cope with the crises they currently face.
