Minister of Finance Kemi Adeosun confirmed on CNBC on Tuesday that Nigeria does not need a loan from the International Monetary Fund (IMF).
Here is the reason she gave;
“The IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem.”
A balance if payment problem occurs when a country lacks enough revenue or savings to pay for its imports. It can also occur if a country imports much more than it exports. Nigeria’s trade balance is currently about N800 billion, about $2 billion.
According to data from the National Bureau of Statistics, Nigeria’s official trade data shows Nigeria exported N5. 5 trillion against N6. 3 trillion imports. Nigeria’s exports was at an all time high of about N16.3 trillion.
we have grown beyond wanting someone to come help us put our house in order, what the nation requires now is a fiscal program as we have been doing somuch with our reform programs
without any support we have been able to achieve alot with our reform and thats all the IMF loan does so like Kemi Adeosun has said we dont need the IMF loan ….