Buhari Rules Out Taking IMF Loan For The Economy Turn Around

Posted by African Examiner Featured, Latest Headlines, News Tuesday, January 5th, 2016

By Ganiyu Nasirudeen

Hope of the International Monetary Fund (IMF) of receiving loan application from Nigeria might be dashed after all, as President Muhammadu Buhari told the international financial agency boss Tuesday, Ms. Christine Lagrade that the country will look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the Nigerian economy.

Addressing his visitor, Mr. President told the IMF Managing Director at the Presidential Villa, Abuja, that his administration would also enforce greater discipline, probity and accountability in all revenue generating agencies of the Federal Government.

“We have just come out of budget discussions after many weeks of taking into consideration the many needs of the country, and the down turn of the economy with falling oil prices and the negative economic forecasts.

“We are working very hard and with the budget as our way forward, we will do our best to ensure that our country survives the current economic downturn.

“We have also told all heads of Ministries, Departments and Agencies of government that on our watch, they will fully account for all funds that get into their coffers,” President Buhari told Ms. Lagarde according to a statement issued by his SA on Media and Publicity, Mr Femi Adeshina.

President Buhari disclosed that the Federal Government (FG) was reviewing its operational costs and had directed all the MDAs to cut down on their overhead costs.

He added that the FG would oblige the technical support and expertise of the IMF for its plans to diversify the Nigerian economy and further unleash its growth potentials.

Ms. Lagarde in her remarks said that the IMF would be willing to assist the FG in plugging revenue leakages, tracing stolen funds and restructuring its tax system.

She maintained that Nigeria had all the potentials to overcome the current economic challenge of falling commodity prices without resorting to the IMF for financial support.