The World Bank and International Monetary Fund, IMF, have piled pressure on the Federal Government to come up with an economic blueprint, if its drive for foreign loans was not to be stalled. Vanguard gathered that officials of both financial institutions have questioned the Minister of Finance and her team over the absence of a blueprint for which the loans being sought would be utilised.

Sources at the Presidency said at the last IMF/World Bank Group Annual Meetings, that the Nigeria team was asked to produce an economic blueprint for which the IMF/World Bank Group will offer support. Specifically, Vanguard learned that the US Secretary of Finance and that of the United Kingdom, told the Nigerian team that without a comprehensive economic blueprint, Nigeria would not get support from IMF and the World Bank.

Specifically, Vanguard learned that the US Secretary of Finance and that of the United Kingdom, told the Nigerian team that without a comprehensive economic blueprint, Nigeria would not get support from IMF and the World Bank. President Muhammadu Buhari and IMF Managing Director, Christine Lagarde in Abuja. (File) The source said that usually, the IMF asks countries for what it called Policy Support Instrument, PSI, an instrument which serves as a document through which the multilateral institution monitors the economic progress of the country they support. The source further said that during the Obasanjo administration, the NEEDS document was the Policy Support Instrument used to negotiate debt relief. The source also said the World Bank Group was interested in such a document as a means of evaluating its recently launched Sustainable Development Goals. It was also learned that at the various road shows in London, foreign investors had asked Nigerians for an economic blueprint. Such an economic framework, they argued, aside from addressing the current challenges, would go a long way to engender confidence in both local and international investors on the way forward. The source said this had become very imperative, given that investor-perception of Nigeria’s outlook was critical to its economic recovery. At the moment, the Federal Government has not been able to come up with such a policy document. But in reaction to Vanguard’s enquiry a presidential aide said the present administration was working on a comprehensive economic blueprint that would soon be ready for launching. The source, who said the issue of economic blueprint had become very contentious in government circles, said the economic management team had produced a blue print that will be launched soon. Stressing the need for an economic blueprint last week, Dr Obadiah Mailafia, a former deputy governor of the Central Bank of Nigeria (CBN), advised the Federal Government to produce a comprehensive economic blueprint to fast track economic growth and development. Mailafia gave the advice while speaking as a guest lecturer at the Federal Radio Corporation of Nigeria, FRCN, 2016 Annual Lecture in Abuja.

In the lecture, entitled Fighting Corruption and Growing a Sustainable Nigerian Economy, Mailafia appealed to President Muhammadu Buhari to listen to the right advice that would help fix the nation’s economy within a short time. “Nigerians are getting impatient and they are complaining that this change is not translating into what they are hoping for. “We must do what we have to do to rescue our economy and to get the great Nigerian people back to work,” Mailafai said.” He also advised the government to create an entrepreneurial state by encouraging innovation and generating critical public goods that would support creativity and high level productivity. Besides, he urged government to pursue economic policies within the framework of a coherent and credible development strategy, with a greater coordination between fiscal and monetary authorities. He said: “Sadly, we noticed that Nigeria does not have an economic administration. The British Chancellor of the Exchequer, for example, has at his beck and call some 300 highly well-trained economists in the Treasury. ‘’Their job is to worry day and night about the economy, monitor key trends, analyse critical developments and proffer policy. We need to build such an administration, in addition to strengthening the National Economic Management Team that has become virtually comatose. “We cannot continue to blame previous administrations.

We can only hope like the great Franklin Roosevelt in America of the 1930s and like Barack Obama during the height of the Great Recession. ‘’Our President needs a brains trust of people who love Nigeria passionately and are ready to do what it takes to take us to the path that destiny has ordained for us,” the ex-CBN deputy governor said. Debt Management Office which is charged with the responsibility of borrowing on behalf of government had said in its Debt sustainability report for 2016 “There is an urgent need for the Government to formulate an Economic Blueprint or Road-Map for the medium-term. ‘’Aside from addressing the current challenges, it would go a long way to engender confidence in both local and international investors on the way forward. This has become very imperative, given that investor-perception of a country’s outlook is critical to its economic recovery. ‘’It is advisable that the Federal Government sustains the on-going reforms and initiatives in the various key sectors of the economy, including agriculture, education, housing, power, and transportation, as this would foster the needed inclusive economic growth and development. “The passage of the Petroleum Industry Bill (PIB) by the National Assembly is long overdue and should be given speedy attention by the authorities. ‘’Its passage is expected to liberalise the oil and gas sector, and thus, attract more investments into the sector, which will have positive multiplier effect on the economy. Given that in the short to medium-term, oil would still remains a key revenue earner of the nation, the Federal Government is encouraged to continue on its efforts to curtail crude oil production disruptions in the oil producing areas. “In view of the country’s huge infrastructure requirements, the Federal Government is enjoined to creatively explore other alternative and viable sources of financing critical infrastructure development outside the routine budgetary process. These may include the setting up of an Infrastructure Development Fund, the issuance of Infrastructure-tied Bonds, as well as encouragement for the private sector to participate in funding viable infrastructural projects through Public-Private-Partnership arrangements.

“As part of the initiatives for boosting revenue, the Federal Government is encouraged to fast-track the process of liberalising the exploration of the solid minerals deposits across the country. This is to make the sector much more attractive and competitive, and further expand the non-oil revenue base. As part of government’s commitment to encouraging private sector participation in the development of the economy, the demand for FGN Guarantees may likely increase. In order to instill discipline and discourage frivolous requests that may unduly expose the Federal Government, it is also recommended that the issuance of FGN Guarantees to the private sector should attract appropriate fees, and should be within an established framework.” Former President Olusegun Obasanjo weekend also kicked against the plan by the Federal Government to obtain a $29.96 billion foreign loan. Obasanjo was said to have phoned the Minister of Finance, Mrs Kemi Adeosun, shortly after the media reported the loan bid, which the Federal Government explained would be used to finance critical infrastructure deficiency between now and 2018. But the Finance Minister, it was learned, told an alarmed Obasanjo that she would pay him a visit to explain the rationale for the plan, which had triggered mixed reactions on the necessity or otherwise of such loan. The former president, it was gathered, spoke on the proposed foreign loan when he received members of a political association, The National Patriots’ Movement of Nigeria, NPMN, led by the national coordinator, Chief Dosu Oladipo, at his Hilltop residence in Abeokuta, the Ogun State capital, on Friday. Obasanjo, it was learned, not only opposed the loan bid, but also threatened to draw a battle line with the Federal Government should it go ahead to obtain the loan which he said could have far-reaching negative effects on the nation.

While some experts have advised the government to deploy part of the funds reportedly recovered from allegedly corrupt politicians in the last political dispensation to such purpose, others claimed the loan could be raised internally. It will be recalled that the Obasanjo led administration had successful negotiated with Western nations to write off $12.5 billion foreign debt to the Paris Club, a body of European creditors during his tenure. However in justifying the proposal for the N29.96 billion external loan, President Muhammadu Buhari, had in a letter to the National Assembly said, “The total cost of the projects and programmes under the borrowing (plan) is $29.96 billion made up of proposed projects and programmes loan of $11.274 billion, special national infrastructure projects, $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.” But Nigeria’s foreign reserves have dipped lately, ostensibly owing to economic recession and intense pressure on Nigeria’s naira as a result of the scarcity of United States dollars.

Read more at: http://www.vanguardngr.com/2016/10/world-bank-imf-put-pressure-buhari-come-economic-blueprint/

The clueless one with his clueless minister of finance as usual...no economic policies, no blueprints n no strategies 2 take us out of dix mess they created in d first place. Now they are seeking loans wit no real clue on how 2 service these loans. Talk of real Idi0ts in government.

Did they need to be told that a viable economic blueprint spanning a desired period of time for implementation would need to be drawn up including feasibility and repayment plans? Do they think IMF and co are taken in by that insipid, seemingly simple look of supposed integrity which masks nothing but a black heart and thieving plans?

This is what sane, sensible and decent Nigerians have been saying even from the campaign era but all zombies will say is 'In Baba we trust, he has integrity, Baba cannot steal and once he is in charge no other person can steal'! Simple commonsense, they have to be told. Is it surprising though when they will travel and be moping at meetings, no notes or records to even attempt to appear serious if not intelligent.

Kemi will be doing English competition...exactly why did this intended loan request get to the public domain when they are not even prepared to defend same? Is it the offshoot of the stupid military mentality that the last order must be obeyed before any complaints are made? Ndi ara Chineke turu mbo n'ike!

Why can't they just swallow their pride and pick up PDP'S economic blueprints like NEEDS and Vision 2020.

We are being ruled without a plan.

Talk of born to rule mentality.

Buhari attempted to be President 4 good times and now he made it, what was it really he was working hard to come and do? Just to occupy the seat?

Worrisome

That's the voice of Okonjo Iweala

This goes a long way to show that the current Government has no idea of what they are doing.

There's no plan in place, only guess work. By the way what happened to the billions they claimed they recovered from the past Government or are they all lies?

those waiting for buari to release his economic blue print ar in for a long tin. they will wait till eternity. buari dullard n his northern family members ar staunch disciples of communalism.

FuckyourMama:
The clueless one with his clueless minister of finance as usual...no economic policies, no blueprints n no strategies 2 take us out of dix mess they created in d first place. Now they are seeking loans wit no real clue on how 2 service these loans. Talk of real Idi0ts in government.

yet some pipul wonder how d con3 end up in recession. am not surprised cos buari, economic terrorist of 1983 is still d same economic terrorist of 2016.

Blue print abi....okay

freeze001:
Did they need to be told that a viable economic blueprint spanning desired period of time fur implementation would need to be drawn up including feasibility and repayment plans? Do they think IMF and co are taken in by that insipid, seemingly simple look of supposed integrity which masks nothing but a black heart and thieving plans?

This is what sane, sensible and decent Nigerians have been saying even from the campaign era but all zombies will say is 'In Baba we trust, he has integrity, Baba cannot steal and once he is in charge no other person can steal'! Simple commonsense, they have to be told. Is it surprising though when they will travel and be moping at meetings, no notes or records to even attempt to appear serious if not intelligent.

Kemi will be doing English competition...exactly why did this intended loan request get to the public domain when they are not even prepared to defend same? Is it the offshoot of the stupid military mentality that the last order must be obeyed before any complaints are made? Ndi ara Chineke turu mbo n'ike!

hahahahahhha i remember during 2015 presidential campaign, high ranking zombies said buari's intergrity alone will develop nigeria. i hope they ar still enjoying his intergrity.

More than a year now, still no economic blueprint.. .Well I'm not surprised, may be the people that expected Buhari to perform.

Lol waiting for Buhari economy blueprint it's like waiting for a chicken to fly like a bird which is never gonna be possible and it's too much for him to give,they shld think abt some other question to ask him.

Wait till Buhari hangs Emefiele.

Are you sure any of them there understand what economic blueprint is?
Buhari want to obtain loan with body language and integrity.

That should be on deaf ears........

IMF should have requested he provides his O level certificate first before Financial blueprint.

That man has nothing to offer this country, is it not when you are all rights you will think about other people?




The greatest mistake Nigeria made is to bring in someone that has been there before and when he was in power all he could was to enforce tolerate and orderliness, that was in military regime. Now he thought he can do same in this civilized time?
Let just suffer till that man time is off cause no good thing can ever come out from that dead cell of his

Say wetin happen

So even IMF dor feel Buhari in competency.

Properly booked . . .

Properly booked . . .

Pressure him to do what he has no idea f.

This Government eeeeh... Collecting Loans without a Detailed plan of how it's going to be used...IMF and world Bank make Una no give them oo... Make dem stress dem small... Even if they'll still get it and forget bout the blueprint and Loot it... AYAMTAYAD.. My ancestors no fit go be slaves for white men.. By now I for be black American... I blame my Village Royal Leader for not Liking Mirrors and whiskey

They should brace up for disappointment cos he cant offer what he doesn't have.

freeze001:
Did they need to be told that a viable economic blueprint spanning desired period of time fur implementation would need to be drawn up including feasibility and repayment plans? Do they think IMF and co are taken in by that insipid, seemingly simple look of supposed integrity which masks nothing but a black heart and thieving plans?

This is what sane, sensible and decent Nigerians have been saying even from the campaign era but all zombies will say is 'In Baba we trust, he has integrity, Baba cannot steal and once he is in charge no other person can steal'! Simple commonsense, they have to be told. Is it surprising though when they will travel and be moping at meetings, no notes or records to even attempt to appear serious if not intelligent.

Kemi will be doing English competition...exactly why did this intended loan request get to the public domain when they are not even prepared to defend same? Is it the offshoot of the stupid military mentality that the last order must be obeyed before any complaints are made? Ndi ara Chineke turu mbo n'ike!

Mad people wey God pinch for yashi that the meaning (your words in ibo)

How did Nigeria get to this point?

What a shame.

I don't understand. Does the presidency need to be pressured to get a working economic blueprint?

This is the height of incompetency and cluelessness.
World bank and IMF advicing an independence country with finance minister and economic team on what to do before they can be borrowed money.It is obvious to the international community even if the loan is given to this administration.Their directionless,lack of vision will be the order of the day.By extention the load will be useless since no plan to effective utilization of the money.

Note:PDP past administration and dwindling oil price is not the cause of Nigeria recession but APC maladministraction

World bank and IMF people this govt doesn't have white nt to talk of print.nothing to show tht dey have any economic direction. I am comng bck to comment

mej67:
Why can't they just swallow their pride and pick up PDP'S economic blueprints like NEEDS and Vision 2020.

We are being ruled without a plan.

Talk of born to rule mentality.

Buhari attempted to be President 4 good times and now he made it, what was it really he was working hard to come and do? Just to occupy the seat?

Worrisome

PDP blueprint or yellowprint is all about sharing and looting. The yellowprint that shared our treasury among Jonathan's gang of thieves

freeze001:
Did they need to be told that a viable economic blueprint spanning desired period of time fur implementation would need to be drawn up including feasibility and repayment plans? Do they think IMF and co are taken in by that insipid, seemingly simple look of supposed integrity which masks nothing but a black heart and thieving plans?

This is what sane, sensible and decent Nigerians have been saying even from the campaign era but all zombies will say is 'In Baba we trust, he has integrity, Baba cannot steal and once he is in charge no other person can steal'! Simple commonsense, they have to be told. Is it surprising though when they will travel and be moping at meetings, no notes or records to even attempt to appear serious if not intelligent.

Kemi will be doing English competition...exactly why did this intended loan request get to the public domain when they are not even prepared to defend same? Is it the offshoot of the stupid military mentality that the last order must be obeyed before any complaints are made? Ndi ara Chineke turu mbo n'ike!

trash!