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Why Nigeria Doesn’t Need IMF Loan – Adeosun Reveals




The Minister of Finance, Kemi Adeosun, says that Nigeria does not need loan from the International Monetary Fund, IMF.

Adeosun, who featured on CNBC Africa, noted that the programmes that come with IMF loan are currently being executed by the Nigerian government.

Adeosun said Nigeria can only fall back to IMF as its last resort even as she noted that the institution’s borrowing programme is not bad.

“For us, the IMF is really lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem, which is that major revenue source has lost so much value, Adeosun said.

“What IMF does for you is that it gives you programmes for reforms, we are already doing as much reform as any IMF programme would impose on Nigeria.

“Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform, that Nigerians take ownership for, because they are painful reforms.

“When you go through this type of adjustment of your economy, these reforms are very painful, and they have to be home-grown. We have to take responsibility for this ourselves, so that when it succeeds, Nigerians would say; yes, we did this.

“I am not saying the IMF are bad, but I’m saying right now, we don’t see that need. we feel this is a problem Nigerians created and Nigerians will solve.”





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