Contrary to expectations in some quarters, Minister of Finance, Mrs kemi Adeosun, on Tuesday declared that Nigeria sees no need to apply for an International Monetary Fund loan.
Critics of the current administration’s handling of the country’s economy had warned severally that surreptitious attempts were being made to secure a loan package from the IMF, warning that it would unleash more hardship on Nigerians. But President Muhammadu Buhari has steadfastly maintained that the country will not approach the bank for such an assistance.
Adeosun, who spoke on a CNBC programe, said efforts of the administration to turn the economy around is already bearing fruit as non-oil revenues have improved, while the government continues to fine-tune its economic reform programme.
A fall in crude oil revenue, which remains Nigeria’s major foreign exchange earner, has consistently affected the country’s economy with the national currency being the worst hit.