Business
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….
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: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...