Details of Buhari's Meeting with Lagarde

 Those who thought the Managing Director of the International Monetary Fund, Ms. Christine Lagarde, is in Nigeria to negotiate loans for the country got it all wrong.

The IMF chief said her visit to Nigeria has nothing to do with loans’ negotiation for the Government.


Her words: “First, let me make it clear that I’m not here, nor is my team in this country, to negotiate a loan with conditionalities. We are not into programme negotiations. And frankly, at this point in time, given the determination and resilience displayed by the President and his team, I don’t see why an IMF programme will be needed."

Buhari: We’re looking inward to tackle our economic challenges
President Muhammadu Buhari spoke on how his administration plans to get the economy back on track.

He listed looking inward, enforcement of regulations to stop financial leakages and the adoption of global best practices in generating more revenue to mitigate the biting effects of tumbling oil prices at the international market as some of the measures.

The President dropped the hints while hosting the Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde, at the Presidential Villa in Abuja.

In a statement by the Special Adviser on Media and Publicity, Mr. Femi Adesina, President Buahari said that his administration will also enforce greater discipline, probity and accountability in all revenue generating agencies.

The statement quoted him as saying: “We have just come out of budget discussions after many weeks of taking into consideration the many needs of the country, and the downturn of the economy with falling oil prices and the negative economic forecasts.

“We are working very hard and with the budget as our way forward. We will do our best to ensure that our country survives the current economic downturn.

“We have also told all heads of Ministries, Departments and Agencies (MDAs) of government that on our watch, they will fully account for all funds that get into their coffers,” President Buhari told Ms Lagarde.

The President said that the Federal Government was reviewing its operational costs and had directed all the Ministries, Departments and Agencies to cut down on their overhead costs.