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.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...