ANEEJ Calls On CBN To Publish Details Of $3.35bn COVID-19 SDR Allocated To Nigeria by IMF
From: Femi Mustapha
The Africa Network for Environment and Economic Justice (ANEEJ) has called on the Central Bank of Nigeria( CBN) to publish details of the allocation and utilization of the $3.35bn SDR allocated to Nigeria by the IMF following the economic crisis caused by the global COVID-19 virus and tell Nigerians how it has been utilized.
The Acting Executive Director, ANEEJ, Leo Atakpu asserted this during a press conference held yesterday.
Mr. Atakpu also called on the Legislature to exercise their constitutional role of oversight on the CBN and other agencies saddled with the responsibility of debt management in the country.
He further demands speeding up the process of rechanneling SDRs through the African Development Bank for the development of social sectors like education, health, and infrastructure, even as we appreciate the approval of the framework for the rechanneling by the Fund.
“The IMF and the developed countries should consider the redistribution of IMF quota on ‘needs’ basis and not on GDP as this would help developing countries cope with the Polycrises they currently face.”
It would be recalled that the Board of Governors of IMF in August 2021 approved a general allocation of $650 in Special Drawing Rights to help boost the liquidity of member countries following the economic crisis caused by the global COVID-19 virus.
African countries received about $33.8bn while Nigeria was allocated the amount of $3.35bn as its share of the SDR fund.
SDRs are a component of external assets or reserve assets in the balance of payment accounts that are readily available to and controlled by a country’s monetary authority.
“ANEEJ in partnership with the African Centre for Energy Policy (ACEP) commissioned two research studies for an assessment of the Utilization of the Special Drawing Rights in Nigeria and Ghana as part of activities in the implementation of “Tracking Special Drawing Rights Funds and Raising Citizen’s Voices to End Debt Crises in West Africa’ supported by Open Society Foundation for West Africa (OSIWA).

” The Reports have since been published both in Nigeria and Ghana and used for advocacy and engagements with stakeholders at various levels.
“The report shows among others that the IMF has no clear guideline on how the SDRs should be utilized by member countries, hence used for sectors in less need of them just as the SDRs are allocated to countries in less need of them.
“It also shows that developed nations in less need of the SDRs received much more than developing nations in dire need of the facility for the development of critical sectors of their economies.
“It was also discovered that there was a dearth of knowledge around SDRs among stakeholders in Nigeria including the Executive Arm, the Legislature, Civil Society, and the Media while legislative oversight by the legislature was lacking.
“It is against this backdrop that ANEEJ organized a two-day International Hybrid Conference from 22nd and 23rd of November, 2023 in Abuja.
“The conference was attended by stakeholders drawn from government, legislature, Civil Society, and Media. Similarly, ANEEJ organized a two-day Capacity Building Workshop for Leaders of Civil Society and Media on issues of SDRs and debt in the country where participants were equipped with the knowledge of SDR to popularize the concept among the citizens and join in the advocacy for accountable and transparent utilization of SDRs in the country.
“ANEEJ has also in the last 9 months been involved in High-Level Engagement with IMF, relevant Government Ministries, Agencies, and Departments as well as Chairmen of Committees of the National Assembly on the need for open, inclusive, transparent, and accountable utilization of the Special Drawing Rights allocated to Nigeria by IMF.”