From: Femi Oyelola, Kaduna
The Africa Network for Environment and Economic Justice (ANEEJ) has called on the Federal Government to ensure that the $3.3 billion International Monetary Fund (IMF) approved special drawing rights (SDRs) benefit all citizens.
The Acting Executive Director of the Network Mr. Leo Atakpu stated this during a media training for Media and Civil Society Organizations (CSOs).
He said based on the challenges posed by the economic crisis and the pandemic across the country, the SDRs should cushion the effects.
He added that since the country received the SDR in August of 2021, it is important for citizens, and civil society activists to interrogate the use and the utilization of the SDR by the Government.
“We want to ask our government questions because we have kept them in trust on behalf of the people. And so we are working with our partners AFRODAD, African Network in Sept and Development which are based in Harare Zimbabwean with support from the Bil and Melinda Gates Foundation to work on this project.
“We started the project by conducting research on the utilization of the SDR in Nigeria and in Ghana so we have had the course to invite stakeholders including the government to validate the research findings for Nigeria and when we assembled the result,
In his presentation the facilitator, Dr Terfa Abraham an Economist and Senior Research fellow at, the National Institute of Legislative and Democratic Studies (MILES)Abuja Special drawing rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund.
He added that SDRs are units of account for the IMF and not a currency per se. They represent a claim to currency held by IMF member countries for which they may be exchanged.
Dr Abraham added that the SDRs allocation is a significant shot in the arm for Nigeria and, if used wisely, a unique opportunity to combat the unprecedented crisis faced by countries during this period of coronavirus pandemic.
