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IMF gives Nigeria tougher terms before any help

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IMF gives Nigeria tougher terms before any help

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.

Read also: Why Nigerian airlines fail to qualify for $20bn Afreximbank loan

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….

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