Why I’m in Nigeria to meet Buhari, others – IMF Chief, Lagarde

Christine Lagarde

The Managing Director of the International Monetary Fund, Christine Lagarde, has said that contrary to widespread perception, she was not in Nigeria to negotiate a loan for the country.

“I am not here to negotiate loan with conditionalities because Nigeria does not need a new IMF programme,” the IMF chief said.

Ms. Lagarde, who addressed a press conference at the State House, Abuja, said she had a fruitful discussion with President Muhammadu Buhari on the state of the Nigerian economy in the light of dwindling oil prices.

She said she also discussed how Nigeria could face the challenges associated with global economic downturn.

She said her meeting with the president also dwelled on Mr. Buhari’s fight against corruption and his commitment to transparency and accountability in governance.

Ms. Lagarde said the IMF considers Nigeria a key player in global financial structure, adding that ongoing reforms in the country would definitely have a great impact on Nigeria’s neighbours.

More to come …

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  • Watch man

    Doctor of death, on the contrary you are not here to give Nigeria new conditionalities but:
    1) to ensure enforcement of the old conditionalities you already handed to Nigeria
    2) to convince PMB on the need to devalue naira
    3) to strengthen your austerity measures under the old conditionalities
    4) to further your loan sharking by negotiating the terms for the new loans you are offering Nigeria
    5) to convince PMB on the need to give “business people” free access to dollar to naira’s detriment
    6) to fine-tune the terms of the fuel subsidy removal
    7) to remove the cap placed on importation of certain products under the guise of free market
    8) to remind PMB the consequences of rejecting your economic death pills
    9) to ensure that Bretton Woods institutions have freer access to CBN control
    10) to encourage fiscal rascality through some obnoxious legislation
    No nation under the sun has taken IMF pills and survived, not one. Nigeria has not recovered from the economic cyanide administered by the doctors of death. Now that the former economic hit woman (Ngozi Iweala) is no longer in govt, you want Adeosun to continue her IM-World Bank sponsored programmes. What else have you come to do? Enough of Bretton Woods..

    • absam777

      Well done @ Watch Man. The woman have come to beg or threaten Buhari over the issue of Ngozi Iweala’ s maladministration of Nigeria’s economy. She came to sound him out before their woman is called to answer questions about the missing monies.

    • Curious

      My only concern is that PMB did not pass Maths and Economics in WAEC. How can he understand what the woman PhD holder will say? By the way, will he shake her hands? Or will he give her a cheek peck as ‘civilized’ govt officials always extend to visiting foreign officials?

      • Tunsj

        What is your own qualification? Your comment is ludicrous and childish.

      • ayo

        That comment is just a whole bunch of bunkum….

    • Umolu

      It is even better to go the old way and trade by barter with the Chinese than deal with the white folks. I am yet to see anything good in my life time that comes from whites to black people.

      • Watch man

        I totally agree with you; and what you wrote is a historical fact. The Chinese are even more transparent in their dealings. The white folks from the West are capitalistic and deceitful bunch of neocolonialist hegemony that are selfishly uninterested in other countries concern.

    • Al

      You hit the nail right on the head! The IMF has one mission and one mission only : to destabilize non-western economies in favor of the west. We have seen this time and again.

  • TB Joshua’s PROPHESY fulfilled

    1. “There will be large scale scarcity, shortage of food,”.
    2. There will be increase in terrorist attacks in Nigeria
    3. People will stop investing in politics because of “limited resources and challenges”
    4. “The president will do everything to reject revaluation of the naira – which is a good idea from a good leader. But there will be overwhelming pressure which he will not be able to resist.

    Prediction number 4 is what this messenger of doom called IMF chief has come to fufil barely 5 days into the New Year. It is a confirmation once more, that TB Joshua’s predictions almost always come true.

    • Very Proud Oily IZON Redeemer

      OVER 30 YEARS AGO NIGERIANS WENT THROUGH THE SAME PAINS-UNDER BUHARI-HAD TO QUEUE FOR GARRI–EVERY STAPLE FOOD–now we are back to the same sufferings again under Buhari–It was the greed of the Nigerian elites from the Fulani North nd South west that made them work through the USA to impose demons like Buhari on us—They wanted to steal—-period–Now Buhari has withdrawn the budget-for 2016-because he did not even trouble his fulani soul to go through it-

      • Watch man

        Please check your records: it was Shagari’s govt that messed up our economy before Buhari came to tidy things up (at least a little). You remember it was Shagari’s unbridled spending that led to the then austerity measure leading to the Ghana-must-go saga wherein a lot of Ghanaians had to sow Ghana-must-go bag to pack their things to head home (because Rawlings was already putting things in order back at Ghana). You remember the Umaru Dikko (the then Transport Minister) rice corruption issue; Buhari almost brought him back in crate from Britain where he ran to immediately Shagari’s regime was toppled. Buhari then started WAI, changed the currency and naira’s value was consequently brought up from where Shagari dropped it. In fact many corrupt politicians lost so much money as a result of the currency change. N20,000 was the highest people were receiving from banks due to that change. Why I am going through memory lane is to remind you that it was not Buhari’s regime that wasted our economy 31 yrs ago. I think destiny has made it such that Buhari found himself leading Nigeria at two occasions with similar economic situations. Let us pray that he would succeed and that some “IBB” do not arise from somewhere to destabilize Nigeria further.

  • favourtalk

    Whatever her plans, if it is good for Nigeria, it will happen, if, it will not happen. I trust PMB and Nigerians knows that he will always stay at the side of Nigeria

  • Burning spear

    When would Buhari who stole more than 300,000 and 5 super bullet proof vehicles from Dasuki, appear in court? Or is he covered with the usual Sultan of Sokoto Fulani Presidential immunity from the Fulani Emirate in the North? Already, we have another 5.6b dollars missing in NNPC under the Luciferic rule of Buhari. Is Buhari as the Minister of Petrelum Resources, ever going to be investigated or we allow him go free the same way we covered our eyes and noses to the theft of over 2.8b dollars–which he Buhari quietly denied over 30 years ago? Buhari is just joking with all these childish rubbish–called anti corruption crusade—–Our annual revenue generating capacity has gone down under him by 560b via REMITA. Jonathan is no longer in power! Yet firms in Nigeria in spite of his fake corruption war, are packing off like sardines. Besides, is there any law in Nigeria which says accused persons should not appear in wheel chairs in Nigerian courts again? Is that what the ever (moaning mourners in APC) are now telling us? Did Tinubu not refuse to take his stand in the dock while facing charges for operating 16 foreign bank accounts? Aware of the satanic rule of Buhari-who have wickedly ordered the courts never to grant bail to accused persons–with a view to presenting himself foolishly to the globe as an able Adolf Hitler like ruler to Obama! Aware all these Buhari shakara are also cover for his insatiable thieving habits-why would humans not show up in court in wheel chairs-? What Nigerians need is liberation from the economic woes of 9ja-Not play d blame game–as if Nigeria is now the National theatre for daily (basket mouth shows) by the Apes in APC-Pls-Let my people go–biko!—with no strings or ethnic group attached to them—–in d Niger Delta———–for freedom is our goal———-Not the rule of the Fulanis and Yoruba traitors—in APC—-again———-Animals…

  • Burning spear

    Nigerian has so far borrowed over 5b dollars from the world bank–we are to spend more than 1.36 trillion to service our debts with global financial institutions————-where is the money going to come from——-the groundnut pyramids in Katsina state or Cocoa from Osun state-separation is the only answer–not the rule of the IMF conditionalities–ati faded ideas of Fulanis and Yorubas—Let my people go quietly in the Niger delta

  • Sanni Mohamed

    Facts & figures: Buhari’s embarrassing 2016 budget
    The big question many have asked about the 2016 budget of N6.08 trillion proposed by President Muhammadu Buhari has been what would happen to the Naira, unemployment rate, inflation rate, debt profiles, investors confidence, amongst other variables. Hence this in not a budget that needs any rush in its passage by the National Assembly.

    Figures from the budget assumptions are; benchmark of $38 per barrel and a production estimate of 2.2 million barrels per day, N198 – $1 benchmark. Buhari has proposed borrowing N984 billion domestically and N900 billion externally (Foreign borrowing) and a debt servicing of N1.6 trillion.

    Fact from global oil benchmark projections states that oil prices would float around + and -$35p/b, in the next 12 months, hence the need to us to re-price our benchmark. On Nigeria’s debt profile, the most important fact to know is what percentage of our revenue is being used.

    Figures show that the government plans to use 35% of our revenue to finance debt in 2016, hence going above the threshold of 25% recommended by the Debt Management Office, DMO.

    Already we have a N2 trillion deficit for 2015 budget, and we are financing another N2.2 trillion deficit for 2016. This decision would take our debt profile from $60 billion to $80 billion.

    A fallout from this is that Nigeria has already hit its Debt ceiling (reached the limit of our debt), now using 35% of revenue from oil and taxes to repay our debt. However Buhari while delivering his speech didn’t make mention of this but rather stated that we are still within limit in debt to GDP ratio.

    “The deficit, which is equivalent to 2.16% of Nigeria’s GDP, will take our overall debt profile to 14% of our GDP. This remains well within acceptable fiscal limits” Buhari stated as a smokes screen to divert our minds.

    No doubt the 2016 budget has embarrassed the private sector as no plan has been initiated on driving a Public Private Partnership, PPP, especially in the area of infrastructural development (Roads, Schools, hospitals, rebuilding the north east amongst others). With the manufacturing sector now into recession after 2 consecutive quarters of negative sectorial growth, the anticipation of getting out of the slow growth might not be achieved.

    Recall that the economy have lost 2% real growth rate already in 2015, yet no aggressive move in the 2016 budget at increasing funding to the Bank of industry, BOI, and Bank of Agriculture, BOA, which are the primary support bank for financing the manufacturing industry. The fact is that unemployment rate would increase in 2016, despite the budget.

    On the issue of revenue diversification, that budget should have been targeted at initiating plans with the help of the Bureau of Public Enterprises, BPE, and the Bureau of Public Procurement, BPP, to put out concession and privatizations plans especially in the area of housing and infrastructure, bear in mind we have a 17 million deficit.

    With the naira currently trading above N250 – $1, in the parallel market, however the 2016 budget have been pinned on N198 – $1, the critical question which the budget did not answer is if the CBN would adjust and implement currency devaluation.

    By Sanni Muhammed, Post Nigeria
    December 24, 2015 11:45

  • Ijeuwa

    Most Nigerians have seen through the shenanigans of the Breton Woods institutes: IMF, World Bank, Paris Club, etc. We all hope Buhari remains true to his most valued patriotism and not continue the enslavement of Nigerians by the above imperialists and neo colonial bodies.