Second Republic Minister of Finance, Alhaji Abubakar Alhaji, has revealed that the International Monetary Fund, IMF, borrowed money from Nigeria in 1974, stating that he signed the loan agreement when he was Permanent Secretary at the Federal Ministry of Finance.

Alhaji, who made this disclosure on Thursday when the senator representing Kaduna Central, Shehu Sani paid him a private visit in his residence in Sokoto, however did not disclose the amount borrowed at the time

According to him, “I weep for Nigeria for what it has become today. The country has vast resources that if well harnessed, could lead the country to greater heights.

‘’In 1974 when I was permanent secretary at the Federal Ministry of Finance, the IMF approached us for a loan. I signed the agreement on behalf of Nigeria. Unfortunately, today expenses of government have driven us into recession,’’ he said.

The ex-minister added that Nigeria’s over-reliance on crude oil was responsible for the economic challenges the country is grappling with.

“Aside from oil and agriculture, Nigeria had industries that were earning foreign exchange for it. Agriculture and the industries were allowed to recede and when global fuel prices crashed, we are nowhere today,” he said.

Alhaji further noted that the present 36 federating units of the country were too many and had bred corruption, stressing that the expenditure of government was on the high side.

He said: “The more states we have, the more corruption there is. We should have between six and twelve states. We should cut our coat according to our size.”

On the agitation for Biafra, the former minister said Nigeria should remain united, maintaining that “there is nothing better for us than a united Nigeria.

“We have potentials that could be harnessed and enjoyed together,” he added.

http://thewillnigeria.com/news/nigeria-once-loaned-imf-money-says-former-finance-minister/

I am coming to comment

Gone are those awesome days

Ok

Change has come

Nigeria our own country,Africa our own Continent, will are marching on to take our place among other nation in the world..who remember this iconic song ..the jungle has crumble

Hmmn

He even stated that the debt has increased under buhari's regime by 40%..
Why keep borrowing?.
Kemi adeosun spoke about the hazard of borrowing from IMF.The problem is not balance of payment problem but a fiscal problem.

Yea,he could av been right.IMF do have Bilateral borrowings,NAB,GAB...

But Ko matter..

That was the past,let's talk about the present..



Happy birthday to me..Gimme some likes

Confirmation of a failed state. Bad governance and tribalism have killed Nigeria. Every dick and harry wants to climb the seat of power and, they end up ruining the country. Imagine where Nigeria would have been today if things were properly managed.
The greater pain is still having leaders who don't intend to correct the mistakes but rather, they are committed to tribe and party. When I remember Malaysia and Indonesia and even China today I weep for Nigeria. These countries looked out to Nigeria for assistance some decades ago. Just imagine today, Nigerians celebrate when they get a visa to these countries.

There was "really" a country.

Nostalgia

"I get before" no be property. Take heart