The Managing Director of the International Monetary Fund, Christine Largarde while on a four day working visit to Nigeria on tuesday said given the determination so far displayed by President Muhammadu Buhari and members of his cabinet, Nigeria does not need any loan from her organization. the IMF boss stated that she and her team are not in the country to negotiate loans with conditionality and that for a sustainable development Fiscal discipline is needed. Those who were in attendance include Vice President Yemi Osibanjo, 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, among others.
She further blamed the economic down town in Nigeria on
the drop in prices of the only source of revenue in the country, crude. She also noted that the financing cost around are beginning to rise only because the economic situation in the United States has improved and interest rates will begin to rise.
She urged those present that when trying times come in the development of a country and the country is not able to handle issues on their own then the IMF would step in, and as of now Nigeria as a country is not yet there and may never get there if the strict measures held in place by the administration continues on its part.
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