The International Monetary Fund (IMF) has handed down harsher conditions for Nigeria to meet before being bailed out of its present economic recession.
This was disclosed by an official of the Debt Management Office (DMO), who said the earlier condition of devaluation of the local currency, the naira, has given way for other terms, including the current move by government to sell off its equity shares in most national assets.
It was gathered that a delegation of the international institution, which visited Nigeria recently listed some of the national assets in which government still has majority shares, and had advised that such shares be off loaded for more cash-inflow into the economy.
“The proceeds from the listed assets are not for 20016 budgets alone, contrary to popular opinion, rather for the overall lifting up of the economy from its present state,” the official said.
But in the interim, he said Nigeria was to make do with the AfDB’s $1 billion approved loan for financing its N2.2 trillion budget deficits in the 2016 fiscal year.
AfDB has said that in the next three years it will be expected to increase its investment portfolio in the country to about $10 billion.
A statement by the Special Adviser on Media and Publicity to the President, Femi Adesina, stated that the AfDB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1 million to Independent Corrupt Practices and Other Related Offences Commission (ICPC).
President of the Bank, Dr. Akinwumi Adesina, said that he had led his management team to meet with Vice-President Yemi Osinbajo, adding that the interactive session was attended by members of President Muhammadu Buhari’s Economic Management Team (EMT).
By Emma Eke….
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: UBEC mum as N80m Kebbi secondary school lab equipment still undelivered since 2020
“Our laboratories are not conducive for learning; the termites have destroyed most of these laboratories, and there is not enough...
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...