Nigeria is not sick, we have our own local remedy, says Finance Minister

Hamilton Nwosa
Writer

Ad

An Unusual View Of Banditry, By Azu Ishiekwene

Zamfara State Governor, Dauda Lawal, is hardly in the news. Lawal has enough on his plate in a region struggling with banditry and insurgency, and in a state whose political heavyweights oppose him over political differences. He has learned to mind the state’s business, hardly ever throwing stones except when attacked by Abuja politicians who…

FBI Release Information About Suspects Linked to Murder of Charlie Kirk

FBI receives more than 130 tips Officials have received more than 130 tips, as of this morning. "I assure you that all leads and tips are being fully investigated," said Robert Bohls, special agent in charge of the FBI's Salt Lake City field office. He asked that anyone with video or images from the shooting…

Jubilation as Abuja court jails Ansaru leader Mahmud Usman 15 years for terrorism

By Obinna Uballa A Federal High Court in Abuja has sentenced Mahmud Usman, a top commander of the proscribed Ansaru sect, to 15 years in prison after he pleaded guilty to terrorism-related charges. Usman, widely known by his aliases Abu Bara’a, Abbas, and Mukhtar, admitted to engaging in illegal mining and funnelling the proceeds into…

Ad

 

Nigeria’s Finance Minister, Kemi Adeosun on Friday at a panel discussion in Washington where she attended spring meetings of the International Monetary Fund (IMF) and World Bank said, Nigeria has not turned to IMF for financial assistance because the country  is not sick and even if it is, “the country has its own local remedy.”

“Nigeria is not sick and even if we are, we have our own local remedy,” said Finance Minister Kemi Adeosun on Friday at a panel discussion in Washington where she attended spring meetings of the IMF and World Bank.

Adeosun’s spokesman, Festus Akanbi, said the comment was “an apparent response to a question on why the government has refused to apply for IMF loans”.

According to Reuters, discussions between Nigeria and the World Bank are continuing on a possible loan or credit facility that would be tied to policy reforms.

“We have resolved to build resilience into the country’s economy to hedge against future oil shocks. We are doing a combination of things to diversify our economy,” added Adeosun.

Nigeria wants to boost non-oil income by 87 percent to offset the impact of the oil slump and squeeze informal small traders to boost tax revenues by 33 percent, according to government plans seen by Reuters.

President Muhammadu Buhari plans a record 6.06 trillion naira ($30.6 billion) budget to stimulate the economy but he is yet to sign the bill into law due to wrangling with parliament.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp