The Federal Government will not be borrowing a penny from the World Bank as initially planned, says Finance Minister Kemi Adeosun said on Tuesday.

The government will instead be be pursuing its own economic reform plan to save the economy from recession.

"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," Adeosun told CNBC in an interview.

"We are already doing as much reform as any IMF programme would impose on Nigeria," she said. "Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform."

Adeosun said non-oil revenues were improving while the government was fine-tuning an economic reform plan needed to support an application for a loan of at least $1 billion from the World Bank. It is also seeking further funds from the African Development Bank.

"Non-oil revenue is improving very steadily. All the measures we have put in place are beginning to yield fruits," she said, without giving numbers.

"Oil production is back up, we are very grateful for that, but we should be careful for getting excited about that."

Recall that officials said recently that Nigeria plans to finalise its proposal to the World Bank this month.

The country needs to plug a gap in its record 7.3 trillion naira ($23.17 billion) 2017 budget, which contains a number of measures aimed at stimulating the economy.

It had initially promised to submit an economic plan to the World Bank by the end of December but did not do so.

http://www.metronaija.com/2017/02/nigeria-finally-decides-not-to-borrow.html

cc: lalasticlala mynd44

I wish I could help the Nigeria Government with 7.3 trillion naira ($23.17 billion).

Osinbajo in action

Nice one

unclezuma where u dey...





i jsut dey miss u.......



back to the topic

i can borrow una money if una need it

wehdone sir my acting president, now the difference is clear

That's good

Contact us for all your roofing jobs and roof maintenance etc

Ok

Passingshot, how are you today? I now want to believe the FG listens and listen very well.

If need be, let the FG set a committee to look into the allegation Sanusi made about the missing 20 billion dollars.

I want to believe if that sum is re-injected into the economy, it will do a lot of good. Borrowing never helps anyone. Not now, not never.

Better

Set of confused idiats. It's very clear nw to even ur ZoneBs dat GEJ wasn't the problem. One good head(Okonjo Iwuala) is better than five rotten heads(Buhari+Adeosun+Lai+Amaechi+BRF?

While it's great that will they not further burden the nation with even more debt every day it becomes clearer by the day that this government never had a plan for Nigeria.

Do you mean to roof the Economy?

I guess our future does matter now. Thanks to the acting president

Price of oil up, production up, now we're having surpluses every month from oil savings because our the budget Is pegged at under USD50/barrel while oil price is more than USD50/barrel. Plenty of construction, FDI and FPI to look forward to. Now we just need to fine tune our forex policy to accommodate all the foreign investors that will be lining up to get a share of the dollar windfall that's coming.

My love for Osibanjo these days is second to none..

Make una no tell me say na Baba tell am what to do oo, after all na Baba wan borrow the money before sef..

God bless Mr. Acting President (GCON)

OK. A good one

Soon as Bubu comes back we will start talking of borrowing again.

Viergeachar:
Osinbajo in action

Nice one

And you believe them?
Nawa o

Just a month without that economic lunatic called Buhari Nigeria is beginning take the right steps

Good.

Hmmmmm


Hope they don't go another way round

SalamRushdie:
Just a month without that economic lunatic called Buhari Nigeria is beginning take the right steps

if you cannot criticize constructively, it would pay you to keep shut.

This is really a nice development. I love it

Economy recovering after Buhari hands over power temporarily to Osibanjo. Yet Zombies will keep shouting Sai Baba.

Nice move

IMF was ,as usual , giving those poisonous conditions.

Viergeachar:
Osinbajo in action

Nice one

Kool

obyrich:
Economy recovering after Buhari hands over power temporarily to Osibanjo. Yet Zombies will keep shouting Sai Baba.

greatest since. So, the foreign reserve started rising after the VP took over, the increase in oil price and oil production started with the VP?

Dunce!

Good, no need to borrow, let's manage what we have

Please check out my signature for quality and durable furniture

Thank God.....
Acting President Is Working