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Nigeria Will No Longer Borrow From IMF - Finance Minister

Posted: 21 February, 2017 at 08:24 pm
Nigeria Will No Longer Borrow From IMF - Finance Minister
Nigeria Will No Longer Borrow From IMF - Finance Minister Photo 1

Finance Minister Kemi Adeosun revealed on tuesday that Federal Government will not be borrowing a penny from the World Bank as initially planned. Adeosun says the government will instead be pursuing its own economic reform plan to save the economy from recession.

"For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn't have balance of payments problems per se, it has a fiscal problem," Adeosun told CNBC in an interview.

"We are already doing as much reform as any IMF programme would impose on Nigeria," she said.

"Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform."

Continuing, She said "Non-oil revenue is improving very steadily. All the measures we have put in place are beginning to yield fruits,"

She said Oil production is back but we shouldn't be all fussy about it yet as that may cause a ripple effect in the production of the comodity.

"Oil production is back up, we are very grateful for that, but we should be careful for getting excited about that."

Recall that officials said recently that Nigeria plans to finalise its proposal to the World Bank this month.

The country needs to plug a gap in its record 7.3 trillion naira ($23.17 billion) 2017 budget, which contains a number of measures aimed at stimulating the economy.

It had initially promised to submit an economic plan to the World Bank by the end of December but did not do so.

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Good, no need to borrow, let's manage what we have - yayahdrs8@gmail.com
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