IMF Boss Visits Nigeria Over Economy
By Hamisu Muhammad & Simon Echewofon
Nigeria Daily Trust
Jan 3 2016 9:24PM
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde has planned to visit the country today in a four-day working trip.
Lagarde aged 59 is billed to hold talks with President Muhammadu Buhari and the key sector officials including the Finance Minister, Kemi Adeosun, and the Central Bank Governor, Godwin Emefiele on strengthening the economy.
The Daily Trust gathered that the four-day working visit between January 4 and 7 will be her second to Nigeria, after an earlier one in December 2011. Largarde, it was learnt will hold talks on ways of boosting the economy which experts said is showing signs of distress orchestrated by the falling oil prices.
Oil prices have been at a low of about $37 per barrel threatening the steady revenue generation in a heavily oil-dependent economy.
The talks, pundits say may help local policymakers to find ways of tackling the present challenges of foreign exchange (forex) restrictions, debit cards ban abroad and the restriction placed on some import items.
The IMF mid December projected that crude oil prices may slump to all-time low of $20 per barrel in 2016, hence the need for the local economy to reposition itself.
But being aware of this, President Muhammadu Buhari before the December holidays rolled out the proposed Budget of Change’ of about N6.08 trillion. He had the over 30 per cent of that would go for capital projects which would help to create jobs for the teeming unemployed.
Experts have seen raised fears over the deficit financing of N2.22trillion which is around 2.16 per cent of the Gross Domestic Project (GDP). The Trade Union Congress (TUC) of Rivers state said if the oil price continues to plunge, it may be difficult to achieve the plans of the budget.
While the Minister of Solid Minerals, Kayode Fayemi is upbeat that the non oil sector could hugely finance the 2016 budget, Buhari hopes to borrow N1.84trillion in addition to other domestic borrowing of N984bn and a foreign borrowing of N900bn. This would bring the country’s debt profile to 14 per cent of the GDP.
Read more at http://www.dailytrust.com.ng/news/business/imf-boss-visits-nigeria-over-economy/127180.html#tRubJm4kScheSZT6.99
Nigeria Daily Trust
Jan 3 2016 9:24PM
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde has planned to visit the country today in a four-day working trip.
Lagarde aged 59 is billed to hold talks with President Muhammadu Buhari and the key sector officials including the Finance Minister, Kemi Adeosun, and the Central Bank Governor, Godwin Emefiele on strengthening the economy.
The Daily Trust gathered that the four-day working visit between January 4 and 7 will be her second to Nigeria, after an earlier one in December 2011. Largarde, it was learnt will hold talks on ways of boosting the economy which experts said is showing signs of distress orchestrated by the falling oil prices.
Oil prices have been at a low of about $37 per barrel threatening the steady revenue generation in a heavily oil-dependent economy.
The talks, pundits say may help local policymakers to find ways of tackling the present challenges of foreign exchange (forex) restrictions, debit cards ban abroad and the restriction placed on some import items.
The IMF mid December projected that crude oil prices may slump to all-time low of $20 per barrel in 2016, hence the need for the local economy to reposition itself.
But being aware of this, President Muhammadu Buhari before the December holidays rolled out the proposed Budget of Change’ of about N6.08 trillion. He had the over 30 per cent of that would go for capital projects which would help to create jobs for the teeming unemployed.
Experts have seen raised fears over the deficit financing of N2.22trillion which is around 2.16 per cent of the Gross Domestic Project (GDP). The Trade Union Congress (TUC) of Rivers state said if the oil price continues to plunge, it may be difficult to achieve the plans of the budget.
While the Minister of Solid Minerals, Kayode Fayemi is upbeat that the non oil sector could hugely finance the 2016 budget, Buhari hopes to borrow N1.84trillion in addition to other domestic borrowing of N984bn and a foreign borrowing of N900bn. This would bring the country’s debt profile to 14 per cent of the GDP.
Read more at http://www.dailytrust.com.ng/news/business/imf-boss-visits-nigeria-over-economy/127180.html#tRubJm4kScheSZT6.99
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