Nigeria does not need IMF assistance – Lagarde

Managing Director of the International Monetary Fund, IMF, Christine Lagarde on Tuesday said Nigeria does not need assistance from the organisation despite battling with revenue shortfall caused by the global oil shock.

ABOVE: President Buhari, IMF Chief Lagarde and CBN Gov Emefiele

Speaking with journalists after a meeting with President Muhammadu Buhari in Abuja, Lagarde said, “Let me be very clear: I’m not here nor is my team here to negotiate a loan with conditionalities, we’re not programming negotiations.

“Frankly, given the determination and resilience displayed by the presidency and his team, I don’t see why an IMF programme is going to be needed.” 

Lagarde, who is in the country on a four-day official visit, will also hold talks with the central bank governor and business leaders. 

On the issues discussed with Buhari, the IMF Chief described the talks as “excellent,” adding that they touched on “the challenges ahead stemming from the oil price reduction” and the need to diversify the country’s revenue sources. 

She said they also discussed “the necessity to apply fiscal discipline and the need to respond to the population’s needs, improving the competitiveness of Nigeria and focusing on the short-term fiscal situation”. 

Lagarde while commenting on the 6.08-trillion-naira budget, which has increased investment on capital expenditure to stimulate growth and lower dependence on crude, disclosed that the IMF would undertake a review and audit from next week “to really assess whether the financing is in place.” 

She added that her organisation would also look at “whether the debt is sustainable, borrowing costs are sensible and what must be put in place in order to address the challenges going forward”.

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