NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

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NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

– Nigeria Remains Uncertain of IMF Aid

– The Nation Will Maximize Internally Designed Strategies to Sustain Economy

NIGERIA'S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN
Nigeria’s Finance Minister, Kemi Adeosun

NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

The Finance Minister of the Federal Republic of Nigeria, Mrs Kemi Adeosun has hinted citizens on why the Nigerian government has decided not to behold the International Monetary Fund (IMF) as an institution of consolation.

The IMF was supposed to be among the other bailout alternatives in the current efforts to raise revenues to meeting the financial needs of the nation.

The Minister, explained that the government was determined to maximize internally designed strategies to cover up the loopholes in public finance.

NIGERIA'S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN
IMF Director, Christine Lagarde

In the same vein, she noted that many Nigerians breed negative perceptions about the IMF such that considering a package may go against the expectations of the people as they are identified as very critical in decision making in the democratic nation.

NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

In her words, “I am sorry I am not a politician so I am going to say it as it is. In Nigeria, IMF does not enjoy a good reputation. There is a stigma associated with the organization. So, going to IMF to take a loan will be counter-productive because we may not enjoy the support of the people.”

While she assured the consistence of the government in further interactions with multilateral institutions on the how to alleviate the current economic problems, the minister emphasized the uncertainty of loan consideration at the IMF.

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NIGERIA’S FINANCE MINISTER EXPLAINS WHY COUNTRY WILL NOT TAKE LOAN

She explained that the immediate strategies of government to bridge the 2016 budget gaps and create a strong pedestal for diversifying the nation’s economy include sustaining internally generated revenues (IGRs), enforcing the anti-corruption crusade by reducing frauds in payroll and other expenditure items in the public sector and building critical infrastructure.