Nigeria’s Finance minister, Mrs Kemi Adeosun has said Nigeria will not apply for an International Monetary Fund (IMF) loan as it is pursuing its own economic reform plan.
Mrs Adeosun disclosed this during an interview with CNBC, which was aired on Tuesday.
She said ”For us 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.
“We are already doing as much reform as any IMF programme would impose on Nigeria.
“Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform.”
The minister said the country’s non-oil revenues were improving while the government has put in motion an economic reform plan needed to support an application for a loan of at least $1 billion from the World Bank.
“Non-oil revenue is improving very steadily. All the measures we have put in place are beginning to yield fruits,” she said.
“Oil production is back up, we are very grateful for that, but we should be careful for getting excited about that.”