‎Our fears for Nigeria — IMF Chief, Christine Lagard

On Tuesday, the Managing Director of the International Monetary Fund, Christine Lagarde, met President Muhammadu Buhari and other top Nigerian officials.

After her meeting with President Buhari at the presidential villa, she a‎ddressed a brief press conference during which she outlined her organisation’s concern for the Nigerian economy, and the help she is offering.

PREMIUM TIMES’ Sani Tukur was at the session, and below is a full tra‎nscript of the briefing.

”The last time I was in Nigeria was years ago. Since then, many things have changed. That was the topic of our discussion with President Buhari and his team. Massive democratic change has occurred in the country, peacefully. Nigeria has become the largest economy in Africa, certainly the most populated and attractive market.

”But, change has come in a more complicated way, in the sense that the source of revenue for Nigeria, which was predominantly oil, has seen its prices divided by more than half, and the financing cost are beginning to rise, if only the economic situation of the United States has improved and interest rates are beginning to rise.

”Also, emerging markets are decelerating their growths and they are no longer going to contribute to the massive growth that they have been doing over time.

”It’s in that context of a great Nigeria, which a leader in Africa is, that we had this excellent discussion with President Buhari.

”We discussed the challenges ahead, starting from the oil price reduction, the necessity to apply fiscal discipline, and the need to also respond to the population needs by addressing the medium term necessity of improving the competitiveness of Nigeria.

”Also, focusing on the short-term fiscal situation, which requires that revenue sources be identified, in order to compensate the short-fall, resulting from the oil price decline.

”Oil revenue itself is not the major contributor to Nigeria’s gross domestic product, GDP. It is only about 14 per cent, but it’s a big source of revenue for the government.

”We had a good chat with the President and Vice President, along key ministers, including the Ministers of Finance and Budget on how more efficiency, transparency and better accountability could be achieved; enlarging of the revenue base could actually contribute to sound budget going forward.

”I cannot comment on the budget here and now, because we have a procedure in the IMF under which a team of economists would come next week to do what we call the Article 4, which is the review of the budget.

”The group will hold discussion between the IMF on the one hand and the country’s authorities on the other hand. They would look at whether the debt is sustainable, whether the borrowing costs are sensible, and what strategy must be put in place in order to arrest charges going forward.

”What I actually mentioned to President Buhari was that his fight and his determination to fight corruption and bring back transparency and accountability at all levels of the economy were very important agenda items, and a very ambitious goal that need to be deliberated upon. He himself is definitely committed to that as he indicated.

”We would be discussing with the Central Bank about issues of fiscal discipline, financing, monetary policy and the degree of flexibility.

”Nigeria with a vibrant and large economy still has to deal with a lot of poor people with a lot of inequality. Those two components should always be the drivers of reforms. Whether it is looking at subsidy, and how they are structured and how they can be phased out; whether it is monetary policy and the flexibility needed, and how all that impact on the poor. All of those are additions, which we completely recognize and support.

”To those of you who wonder why the Managing Director is visiting Nigeria, it is precisely to have a good discussion with the Nigerian government about these new objectives, these reform agendas that have been identified and also to appreciate the impact that it will have on neighbouring countries, because when you have a very large economy like Nigeria, anything that it decides, any hardship that it faces, would actually have consequences around it. That is certainly what our research and analytical work is demonstrating.

”Nigeria is one of those that actually have impact not just on itself and its people, but also around it and its neighbours.”

Q: How much longer do you think Nigeria’s weak current account position can sustain the economy, which is due largely to the dwindling price of crude oil; and were there talk about loans; when people hear of IMF, their heart skip a bit because IMF is coming again with loans and conditionalities. Were there also discussions about the devaluation of the Naira and the deregulation of petroleum pump price?

Lagarde: First of all, let me be very clear. I am not here, nor is my team here to negotiate a loan with conditionalities. Frankly, at this point in time, given the determination and the resilience displayed by the President and his team, I don’t see why an IMF programme would be needed here.

Of course, discipline is going to be needed; implementation is going to be key, but the objectives and the ambition will serve the country well in order for it to be actually sustainable.

On the current account front, we believe that with the very clear ambition to support the poor people of Nigeria, there could be added flexibility of the monetary policy, particularly, if as we think, the price of oil is likely to be low for longer, because clearly, the authorities should not deplete the reserves of the country.

Q: In developing nations, when IMF sneezes, we catch cold, because we believe that the IMF does not represent the interest of the poor. When you come and talk, you sound very well, but when we key into the policies, our nation and our people don’t get the best out of it. What assurances are you going to give us that if we buy into IMF policies, advice and policy thrust, we are not going into a situation where the poor will get poorer, and the very rich boys will smile to the bank?

Lagarde: If I may say, I think you have a slightly outdated view of the IMF. Certainly, in the last four and half years that I have been Managing Director of this institution, this is not the recipe that we have recommended and certainly this is not the feedback that I have received from the countries with which we partner.

I just want to point out one thing, we are essentially in three lines of activity.

The first one, which is the most traditional one, is under which we give policy advice to our members. We have currently 188 countries that are members of this institution.

It is our duty and our accountability to them to review their economy every year, to give them status report independently without pressure. We don’t do what is necessarily going to please them. We say things as we see them.

The second activity, which is the fastest growing one in the institution, is technical assistance and capacity building, and there is plenty of that available to all the countries of the world.

You may be surprised to know that about 150 countries have had the benefit of technical assistance and capacity building.

We have discussed that with the Minister of Finance and her team, and we will be happy to provide technical assistance and capacity building, because you need a strong Tax department; you need a strong debt management; you need strong Customs authorities in order to achieve a strong economy of the country.

The third activity, which is probably the one you are referring to, is the lending that we provide, because we are also prepared to provide lending to countries, whether the balance of payment is in a bad situation and no financing is available.

At that point in time, in order to bail the country out of that difficult position that it is in, then we come in and we lend.

But we do that because it is the requirement of the international community, because it is not my money.

It is the international community’s money and we do so with the right guarantees that the International community wants, which is that economy is going to be improved; that fiscal discipline is going to be brought in; that corruption is going to be punished and so and so forth.

We do that, but we don’t do as much now, as we do four years ago. But like I said earlier on, I am not here to negotiate a programme at all.


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  • Chuks

    This is a good policy thrust and interview with potentially modest expectations and achieveable outcome. When you have a president that has good vision for his country and compassion for the poor, you see organisations and institutions keying in. But when you have a corrupt Rambo or drunk as leader, you see institutions distancing themselves or helping him mess things up. A country where you have the likes of former rehab druggie Fani Kayode calling himself a leader in a political party, and intimidating an elected president to pay him billions to fund his idle wayword living cannot be respected.

    • You got things wrong the very moment you turned partisanship. I did not hear Laggard for once said that Nigeria’s economy is not the strongest and biggest in Africa. Some people must have done a fantastic job in the last 6yrs. And definitely not in the last 7 months of inactivity due to lack of cabinet to form economic policies, with the resultant economic doldrums. Your Mr Integrity (or Mr Calamity) would rather run a nation like Nigeria as the sole administrator because he detests “noise makers”
      Let’s give credit to the last elected government that kept us together and built the best and strongest economy in continental Africa. We know the dictators would rather continue to demonize our democracy to justify their heinous crimes. Years of mediocre military dictatorships, of which Buhari was a godfather brought our nation to the precipice of a failed State. Just 5 yrs of elected administration and a constitutional democracy transformed our nation’s economy to the most attractive investment destination in Africa. Get that right.

  • ed

    Honestly speaking IMF is going to do all 3 things as outlined. Why, because that’s the plan.
    The current budget can only be financed with loan or recovered stolen funds. The finance minister already stated that recovered money shall be retuned to the place where it were stolen from. The flow of information on the recovered money are not being made public on a timely bases. The whole idea of returning stolen money to the source is disingenuous and dishonest. The money should be used to offset short falls in our current and future need as government.
    President Buhari mindset of borrowing to finance election promises and well intentioned policy, has to correspond with the internally generated fund. IMF loan any other foreign loan comes with high interest. Which compand overtime at great cost to the nation. That nationally reduce the ability of future government to meet the needs of the people.
    The sold minerals like gold are being mined without accounting or records of how much revenue is actually going out. The control and command that were instituted in the oil sector were absent, by design to maximize the profits of the local miners. The result unfortunately is super rich enterprisers but little or no income to the government. Gold and other solid minerals can help turn thing around, if we’re serious about managing what we have. IMF solution for Nigeria is what we called: We’ve been there before and done that, with regressive consequences.

  • uduakomiri

    IMF, the unseen hand of western governments and the arrow-head of the new world order. Largarde is the messenger of death. The vultures are gathering around Nigeria, the storm is coming and the people who benefit from IMF will use every trick in the book to make sure that they tighten the noose around the neck of the Nigerian economy until we go on our knees begging for IMF assistance.
    It is the designated role of the IMF president to ensure that the objectives of the new world order are implemented to the letter. IMF is the new slave master. Beware Buhari!

    • Watch man

      You have captured the essence of the Bretton Woods. They are the doctors of death. Like I wrote earlier, what has changed is their modus operandi but the core objective of destroying the developing countries remain the same, and of course (like you wrote) they are institutions necessary to push forward the New Word Dis-Order. I totally agree with your submission.

  • quinox

    “Shocking details emerged from the recently presented 2016 budget that
    the executive arm of the government would spend the lion share of N5.87
    trillion, or about 96.5 per cent of the total N6.1 trillion. Then, about N205
    billion or 3.5 per cent goes to the other arms of government. The Legislature
    and the Judiciary will get N115 billion and N90 billion respectively,
    Vanguard revealed. The breakdown of the budget also indicates
    that the government intends to spend N39 billion in running
    the Office of the President with major allocations going to
    car purchase at N3.9 billion and another N189 million
    to change tyres for some specified vehicles in the


    • favourtalk

      Please stop spreading rubbish here. It is not a must for you to talk

      • Konko

        ……..you mean our 2016 budget is rubbish?……the man only gave us extract of the budget now!…..

    • Papa Oghworiodo (Warri)


      I just come home now and entered my internet to see this thing that BUHARI wants to use 180 million Naira plus

      to buy tyres for motor. If you need 180million for tyre, why not buy the whole motor that already has four tyres?

    • Julius

      Jonathan and the frog eye ex-NNPC chairwoman probably has half of the budget in their personal bank account in overseas. Wait till the NNPC book is open.

    • Buhari4Ever

      Deri Orbuka, this is from Ijaw bulletin in Bayelsa.

  • Questioner


  • favourtalk

    I don’t see anything that all this people are saying that change the good plans that PMB has for all Nigerians. We are now in a change arena and good things are coming to the nation. All the corrupts element will be put behind the bars. We are now in a better chance to lead Nigeria

  • Watch man

    Yes, there has been a paradigm shift in the modus operandi of the Bretton Woods organisations. However, the core objective of ripping developing countries off has not changed. In the past, what IMF used to do was go straight to the man that pulls the strings and hands down their conditions to that one along with personal robust offers to the man in charge. When that leader fails to implement it they will arm-twist that leader through a gamut of media propaganda and threats. But over the years, this method has brought a serious backlash as a result of the outcry of the public which the compromised leaders claim to be representing. So, IMF went back to the drawing board. What they do now is to employ some of the good brains of countries (eg Nigeria) and tutor/indoctrinate them with the Rhodesian Anglo-American Hegelian dialetics. They call this method capacity building. In this philosophy, the would-be adept is taught the importance and benefits of absolute loyalty to the institution (the employer). The doctrine is well-crafted in a manner that disarms the student of the zeal to be patriotic to his/her fatherland. The employer (the institution) becomes the absolute decider of the fate of the would-be adept and of course the adept is rewarded so well that there would be no serious attraction to work for the good of his/her country. At the end of the training/capacity building, the Bretton Woods body would recommend the student to the leadership of his/her country to be employed to manage sensitive arms of the economy. While there, this person becomes the eyes of IMF in the country and would be recommending IMF-sponsored solutions to the economy. In the end, it will be a case of the hand of Esau but the voice of Jacob. Interestingly, these adepts (most of them) work very innocently against their country without knowing it. These Bretton Woods bodies are masters in economic witchcraft. So, let us not be carried away by the euphemisms of Lagarde. What has changed is the modus operandi and not the core objective.

    • Olutade

      Thanks for this analysis.

      • Watch man

        You are welcome!

    • Dodon Doya

      Yes indeed my friend. But why don’t the LDCs do better in managing their economies by pursuing the right policies and minimizing corruption? It is when they do that that they will need less of IMF ‘assistance’ at least regarding activities Nos. 1 and 3 as outlined by Ms Lagarde. It is pretty clear that Nigeria missed a golden opportunity during the last couple of years to utilize the fortunes that accrued in order to take the country and its people to greater heights. Forget about the rebased GDP and Nigeria’s promotion as the largest economy in Africa – it is a ruse.

      • Julius

        Reading all these idiots, you would think that everything was danddy before Buhari became the president. Its APC and Buhari’s that ruined the economy, they simply forget that pDP and Jonathan has been ruling the country for 16 year. Nonsense !

      • Watch man

        My dear, the truth is that the moderation of the development of the LDCs’ has been well planned for decades. In NSSM 200 (declassified in the early 90s’), Nigeria happened to be one of the 13 countries that the global hegemonies have earmarked to moderate their development as well as their population growth. If you take time to go through it you will quickly discover that the global elites are duly on course in their effort to remain the imperial majesty of the earth. Please read it and compare with present reality. Even the so-called global warming is part of this effort to moderate the development of the LDCs’. The claim, for instance, that there is a global warming is a ruse. Over 100 professors of international repute made a profound judgement after a thorough research that the temperature of the world has not even increased by 1% of what is being bandied about by the environmentalists. The West developed by burning gas and there can never be development in full force without burning of gas. Even the first law of thermodynamics does not agree with the so called global warming. Virtually all the effort by the West is to subjugate the LDCs’ and to be carting away their God-given resources. Unfortunately we always have blind, unpatriotic and narrow-minded leaders who are full of inferiority complex. Their complex is so bad that they don’t even believe that they can survive without the czars of the global hegemony. We need patriotic leaders and our people too must learn to be stubbornly patriotic. We cannot continue to moderate our living according to CNN, BBC and the like. Their is nothing good about Bretton Woods. Please carry out your study and convince yourself. Thanks!

        • Brandon Landry

          Man! You are amazing! This is good stuff bro. Excellent insight. Thanks.


      When we told them Buhari was installed by the CIA and MI5-of Britain—–them argued with us and said Nigeria via Buhari a well known silent rogue–was on the path to greatness-Until they told us who was going to be his Ministers then we knew Nigeria was finished forever under the rule of the Apes in APC—Look at the list of rogues in the government of Buhari–from Amaechi–Fashola—–Dambazua–who stole the army blind———-Prof Yakubu–Head of INEC who also stole over 800m from UBEC–
      Sadly under the (jankara) like rule of Buhari, ati the Apes in APC the global monster called IMF—plotted to have Buhari take a loan of over 5b from the World Bank even before he was sworn-in as president of Nigeria-Buhari is now out to take a loan of over 2 trillion again-That is why she is in the country period! Did Buhari ask Nigerians before he took the 5b dollar loan from the WB? NAY Do we even know anything about the conditionalities for payment? All we know is that Buhari is to spend more then 1.36 trilon to service debts—NNPC we were told had over 5.6b in her coffers——–Yet Buhari went cap in hand–with his fake Junior Minister installed as one of the trans National elites to work for the West-in NNPC aided Buhari again to borrow over 2b from the World Bank–Internally generated revenue is down by over half a trillion Naira—because we now have REMITA take a chunk of my revenue–Customs is almost dead–Because Buhari refused to allow the Experst take control of revenue generation-unit of the department-Instead brought in a retired Fulani army officer Col Ali who stole kano blind as governor–and aided abacha to hang ken saro wiwa——–as head of Customs——Separation is the answer——not the rule of the Fulanis and Yoruba traitors—-PMB is just too empty for 9ja—is this not the same Buhari the APes in APC lied to us that once refused to dance to IMF conditionalities over 30 years ago–behaving like arphaned baboons b4 them now!?

      • Buhari4Ever

        Deri Orbuka, is it true that your madness has no cure or is it a self inflicted Buhari induced misery?

    • Screw-em

      @ Watch man, just like the book: “Confessions of the Economic hit Man”, you succinctly captured the evil dehumanizing and outrageous policies and intent of this devilish organization known as IMF. it is the embodiment of everything anti-progress in the Third World. Thank you so much for educating some remnant BLOCKED minds, that can’t see through the charades of Madam Lagrarde

  • Burning Spear

    IMF Experts To Review And Correct Nigeria’s 2016 Budget. Shameless Apes in APC–DISGRACING NIGERIAS-
    **Our economists arrives Nigeria next week to review and audit the Budget and assess if the debt is sustainable.
    Our team will assess whether the borrowing costs are sensible and what strategy must be put in place for Nigeria. – IMF.

    International Monetary Fund chief, Christine Lagarde said on Tuesday that she is in Nigeria to see how to help RE-Structure the economy and back reforms that reduce inequality. She called for scrutiny of the subsidy regime, calling for restructuring and eventual phasing out of subsidies. An idea which Jonathan initiatedf but the Fulanis and Yorubas turned it into politics-Now like beggars they plead to remove it b4 the IMF officials. What a shame!

    According to Lagarde, Nigeria as Africa’s biggest economy needed to diversify its revenue to swim out of its economic crisis fueled by the fall in oil prices. A thing Jonathan achieved but is being destroyed by the visionless ever moaning mourners in APC. So Buhari is now to spend over 1.36 trillion to service money borrowed by him.
    She noted that she will continue to have discussions with Nigeria’s Finance Minister and Central Bank Governor on issues of fiscal discipline, financing, monetary policies and the degree of flexibility, because despite “Nigeria being a vibrant and large economy still has to deal with a lot of poor people almajiris whom Jonathan built over 240 school for in the North——-with a lot of inequality in the south” adding that “those two components should certainly always be the drivers of reforms, whether it is looking at subsidies, how they are structured and how they can be phased out”. While Buhari spends more than 1.75b on food Nigerians graon under the pains of his useless budget for the Apes in APC alone.

    Lagarde avoided making comments on the Nigeria’s 2016 Budget saying that her Economists will be in Nigeria to look at the budget from the debt angle, she said; “A team of economists is going to come here (Nigeria) next week to review and audit (the Bill) and have a good discussion with the government authorities to really assess whether the financing is in place, whether the debt is sustainable, whether the borrowing costs are sensible and what strategy must be put in place in order to address challenges going forward”,

    Lagarde was speaking at the presidential villa in the capital Abuja moments after holding talks with President Muhammadu Buhari.

    Allaying earlier fears by many Nigerians, She said that the IMF is not in Nigeria to “negotiate a loan with conditionalities”, adding that “we are not in to programme negotiations”.
    The USA and Britain knew the type of unthinking person they were going to install as president. The kind of human who will not have the time to think through his janjaweed Islamic economic policies b4 introducing them in his budget of madness”! Then Buhari who refused to shake the hand of Nigerians women that he has been bedding for ages, shook the hands of the Oyibo woman-Lagarde–what a hypocrite! Nigeria is dying dead under Buhari—–Time for Nigerians to rise up against the draconian rule of Papa Buhari of Haiti- which he is operating under his fake anti corruption toga!

    • Buhari4Ever

      Deri Orbuka, Buhari is not responsible for your frustration. You had a better life in Swiss Refugee Camp but returned home because one Ijaw guy named Jonah was in Aso Rock. He wasted $480Bn revenue through corruption because he believed that stealing is not corruption. God and the devil rejected him, the world never took him serious and majority of Nigerians despised him. Election was over 7months ago and you are still campaigning? Hallucination is when your mind starts playing tricks on you

      • IZON Redeemer

        @WAHALA–the main buharimice—————–in search of relevance for the ever fading Buhari—Sadly it is your two Ibo brothers that are being locked up in the gulag of Buhari–Did Kalu also steal money from Nigeria? Monkey!—Look Buhari has been exposed for what he is an uneducated rogue—Who has no team to prepare budgets for the largest economy in Africa—What he does is to sign anything that is presented to him—–See why the CIA imposed him on us–? Instead of going to night school in his spare time—he went about stealing money—from DASUKI…… How can a man who stood for election 4 times not know anything about budgetry controls measures?–Such a book less human, can only came from the Fulani emirate-to rule us—with his tribal marks—Another tribalism abi?— Sadly this is what happens any day the Fulanis are in power–Pls wahala—–trouble your regional soul with the disgraceful outing of Buhari and his budget of madness—? Did i not describe his budget as budget of madness————-? And U hear from the grapevine SAY I applied for a job with Buhari or Jonathan my Ijaw Brother? Ever saw Jonathan and Budgetry team have the IMF sending in experts to teach them how to prepare our National budgets? Buhari should resign now instead of using his Gestapo to scare people–U will be the next Ibo man that Buhari will lock up in his gulag–animals

        • Otile

          Deri_idiot, are you now mocking Ndigbo for Buhari’s stupidity_? Did Buhari’s people and treacherous Yorubas not oppress your own leaders as well? Where is Isaac Adaka Boro? Where is Ken Soro Wiwa, all Igbo haters? What happened to my brother Jonathan’s good name? Dr Jonathan deserves more that he got from your Fulani Yoruba oppressors, and you know. Leave Igbo people alone.

      • Screw-em

        Yup, $480Billion plus revenue from Oil alone in 5years with nothing significant to show for it. Yet some people are here splitting hairs and crowing marginalization rather than CORRUPTION!!!…sai changii….for sure!!!


    IMF to establish school for Budgetry Control for the Apes in APC—–and to bring in experts to teach the thieving GOVERNMENT OF BUHARI ATI THE MINISTERS Assembled by Buhari how to prepare National budget—The IMF have alread asked Buhari to withraw his budget of madness which allocated over 1.75b for his feeding alone–where Jonathan brought his to 154m only before leaving office–Is this change or unlimited stealing by the ever moaning mournes in APC ati Buhari?

  • Screw-em

    Madam Lagarde, your Economic hit woman aka Madam head scarf Iweala, no
    longer holds sway in the financial sphere here. As an economic saboteur,
    she, along with you, help pillaged our commonwealth and in the process
    destroyed our economy. So pocket your advice. Sai Buhari and his
    financial “guru’s” know what ails Nigeria. It is called corruption, and
    trust me,Dumbo Jona and his 3000 thieves will have no where to rest
    their heads when he is through with them. As for the stolen funds stop
    playing games, you know where the monies are lodged. Just send it back
    to owner. Period!!!. You all sat on your hands while our so called
    “strong”economy was “re branded” by okonjo as the “smallest economy”
    next to Somalia. She was roundly applauded by you and those that see no
    good for emerging third world economy’s. Get out of Nigeria FAST,
    before l release my bull dogs…….lol

  • Atunde Adeola Yusuf


  • rhad

    What is the impact of the capacity building and technical assistance on Ngozi Okonjo. Which member countries has benefited from your corruption technical assistance. IMF, World bank my foot.


    @wahala———–I often wonder why most of these Apes and Buharimice hired by APC, to work on the web for Buhari and Tinubu, do not ever think b4–posting comments in the internet?—Kuwait fought the Iraqi war without borrowing a penny from the world Bank or IMF——–They relied on what they called (Next Generation Funds) to fight the war-When Ngozi and Jonathan initiated plans for Nigerian to save for the Rainy day—It was the 7 Fulani governors from the North–aided by Amaechi that took Jonathan to court—With a request for the money so far saved to be shared–That was the beginning of the trouble between Amaechi and Jonathan–Now we have an IBO man who goes by the name SCREW EM–for Buhari- blame the Nations economic woes on Ngozi–again-Buhari and the Nigerian media——————–ati- Nigerian political groups and numerous international groups frequently scolded Jonathan over what the janjaweeds described as his nonchalant response to the plight of the abducted Chibok girls. That APC used to paint Jonathan black because of the girls. Buhari has been in power for over 7 months now–have we heard Tunde Bakare–Fake Father Mbaka————leaders of Redeem church and co ever say a word about the Chibok girls since the CIA imposed Buhari on Nigerians-?—Are the Yorubas and Fulanis in APC, not using the same media to find out how much Jonathan spent on the elections–via Dasuki? As if that is the most important economic issue on earth’? All designed to deceive Nigerians again–?separation is the answer–not the rule of the Fulanis ati Yorubas—Now Buhari is planning to arrest FFK after nabbing Metuh-for political reasons–what shame–what a country–what a Fulani president

    • Otile

      Drunkard Deri Orbuka, whenever you want to insult Ndigbo answer your real name DRUNKARD DERI ORBUKA, stop hiding under fictitious stupid_names such as: burning spear, Marcus Garvey, izon nonsense, etc. You can run but you cannot hide. Whatever moniker you assume, we still know you. Traitor.

    • Oladapo Sunday

      and GEJ borrowed $1b to fight BH?

  • Gbenga Olu

    “The group will hold discussion between the IMF on the one hand and the country’s authorities on the other hand. They would look at whether the debt is sustainable, whether the borrowing costs are sensible, and what strategy must be put in place in order to arrest charges going forward”.
    For the first time in this country the IMF team is coming to scrutinize and correct a clueless budget from a semi illiterate dictator. The 2016 budget lacks professionalism and merit hence the need fir IMF team of experts to come and teach us how to prepare a workable budget! Did IMF come to Nigeria to check and correct our budget when Okonjo Iweala was our finance minister? The answer is NO. You don’t correct the work of a genius!
    This is what you get when you engage a cobbler to roof your house instead of a Carpenter simply because the two always carry hammers around! This is exactly what you get!

  • bib

    Madam shut up! Since we buy into your policies since 1986 it has been woes for us. You never told any government since then that it was not doing well. Corruption became institionalized under your watch. What is being revealed today is that the last regime was the worst of them. They became so corrupt that they stole money meant for security of lives and property in the NE, and watched as a river of blood flowed there from. And the same government readjusted the GDP and said this economy is the largest in Africa. And you are mouthing the jargon. Why didn’t you give the last government, if not those before it, the capacity training which it required seriously.

  • Dr Pat Kolawole Awosan

    IMF director Ms Legard visit to president M.Buhari, contributes nothing positive to Nigeria as IMF and World bank are agents and weapons of colonialism,enslavement and poverty with decaying public infrastructures.IMF and World bank agent Dr Ngozi Okonjo Iweala,was flushed out of economic power with the defeat of former president Goodluck Ebele Jonathan regime on march 28,2015 presidential poll..

  • agbobu


  • David Adeniran

    Just as Buhari rejected IMF in 1984, he should reject them again! They have never had anything good for developing countries. It is part of the neo-colonisation process. Just like Amnesty International will never find any human right violations in the developed countries. They should rather visit Babangida, their friend instead of President Buhari.

  • Damilola

    Is there anyti new here please? Definitely Lagarde’s mission is more than what she portends publicly. Why won’t she be coming for shenanigan deal when she heard Nigeria is kin on romancing another IBB fall? Save this rhetoric for the Buharimaniacs please