The International Monetary Fund has given Nigeria emergency financial assistance worth the $3.4bn.

According to The Punch the Federal Government said it will use the funds, to address challenges arising from the economic impact of the COVID -19 in the country.

Meanwhile, it was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28.

IMF Managing Director, Kristalina Georgieva, reportedly told CNBC Africa on Tuesday that the $3.4bn had been credited to the account of the Central Bank of Nigeria.

On how the funds will be used, emphasis was made for transparency and accountability in the management of the funds by the IMF boss.

‎In response to the request of the IMF Chief, the Federal Government had assured that it will publicise all disbursements from the funds, stressing that there are plans to conduct an independent audit of all emergency expenditure at the end of the pandemic.