IMF Says Nigeria Needs No Loan

Christine Lagarde, The Managing Director of the International Monetary Fund has said that given the determination and resilience that has so far been displayed by President Muhammadu Buhari and his team, Nigeria does not need any loan from her organization.

Lagarde who made this comment on Tuesday is currently on a four-day visit to Nigeria said she is not in the country to negotiate loans with conditionality. The IMF boss spoke with State House correspondents shortly after holding a closed-door meeting with Buhari; Vice President Yemi Osinbajo; and some key ministers inside the Presidential Villa, Abuja. She said, “Let me make it clear that I am not here (in Nigeria) nor is my team in this country to negotiate a loan with conditionality. We are not into programme negotiations and frankly at this point in time, given the determination and resilience displayed by the President and his team, I don’t see why an IMF programme will be needed. So of course, discipline is going to be needed, of course, implementation is going to be key for the objectives and the ambitions to serve the country well, in order for it to be actually sustainable.”

The Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udo Udoma; Minister of Transportation, Rotimi Amaechi; and Minister of Works, Housing and Power, Babatunde Fashola, were also present at the meeting.