Africa’s biggest economy Nigeria, battling a revenue shortfall caused by the global oil shock, does not need assistance from the International Monetary Fund, the group’s head said on Tuesday.

“Let me be very clear: I’m not here nor is my team here to negotiate a loan with conditionalities, we’re not programming negotiations,” said IMF managing director Christine Lagarde.

“Frankly, given the determination and resilience displayed by the presidency and his team, I don’t see why an IMF programme is going to be needed,” she told reporters in Abuja.

Lagarde was speaking after meeting President Muhammadu Buhari on a four-day visit that will also see her hold talks with the central bank governor and business leaders.

Nigeria, Africa’s number one oil producer, has seen revenues dive over the last year because of the fall in global crude prices, causing a cash crunch that has forced it to tighten spending.

The naira currency has also slumped and GDP growth stalled to under 3.0 percent, while inflation is nudging 10 percent.

Lagarde described the talks as “excellent” and said they touched on “the challenges ahead stemming from the oil price reduction” and the need to find different revenue sources.

They also discussed “the necessity to apply fiscal discipline and the need to respond to the population’s needs, improving the competitiveness of Nigeria and focusing on the short-term fiscal situation”.

Buhari has made reviving the flagging economy one of his key priorities alongside cutting endemic corruption and government waste, and improving transparency and accountability.

Lagarde said they were “very ambitious goals that need to be delivered upon”.

Nigeria last month unveiled a 6.08-trillion-naira (about $30-billion, 27-billion-euro) budget, increasing investment on capital expenditure to stimulate growth and lower dependence on crude.

Lagarde said it was not her place to “approve or comment on the budget”.

But she disclosed the IMF would undertake a review and audit from next week “to really assess whether the financing is in place”.

It would also look at “whether the debt is sustainable, borrowing costs are sensible and what must be put in place in order to address the challenges going forward”.

“Let me be very clear: I’m not here nor is my team here to negotiate a loan with conditionalities, we’re not programming negotiations,” said IMF managing director Christine Lagarde.

“Frankly, given the determination and resilience displayed by the presidency and his team, I don’t see why an IMF programme is going to be needed,” she told reporters in Abuja.

Bevista:
That is just a diplomatic way of saying that the Nigerian Government did not agree to their usual ridiculous conditionalities & Austerity rhetoric.
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I will reserve further comments until I hear the version of the Finance Minister.

PassingShot:
Buhari, I love you.

Karlovich:
Dullardinhho where are the chibok girls

coolzeal:
What they say behind close doors is not what they say to the public. IMF or World Bank or WTO are not charity organisation; They are firms/bank-esters with harsh policy to manipulate and exploit the third world by the first world (who are in control of the IMF and WB) through the auspices of said institutions. Hope, they have not sold this country for their selfish interest?

omenka:
Are you sure you are in the right thread?

baralatie:
You nailed it but you missed it when you said when you said the IMF came with austerity conditions!

omenka:
I love him more than you do.

dustmalik:

When did IMF start hiding their debtors from the rest of the world? Stop showing your ignorance in full public display.

Bevista:
It well known globally that IMF preaches Austerity and Reforms as conditions for lending.

carinmom:
I love him more than you both do

Karlovich:
Lol, but he promised to find them

baralatie:
Define austerity measures in practical terms

Bevista:
It well known globally that IMF preaches Austerity and Reforms as conditions for lending.

PassingShot:
Buhari, I love you.

omenka:
I love him more than you do.


Make una dey gentle on the wailers abeg- its been a really terrible day for them.

Bevista:
In the simplest possible terms - Spending Cuts (i.e. Reduced government spending). Obviously, from the 2016 budget proposal, PMB/APC are in the mood to increase government spending.
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It is also possible that they suggested currency devaluation, and PMB made it clear to them that that was a no-go area.

omenka:
I don't believe you.

baralatie:

They also discussed “the necessity to apply fiscal discipline and the need to respond to the population’s needs, improving the competitiveness of Nigeria and focusing on the short-term fiscal situation”.

baralatie:
I believe you are an IMF specialist because devaluation is a main call you have been making!

Bevista:
"Fiscal Discipline" is simply another term for Spending Cuts. Everyone now knows that in times of recession or economic slowdown, increased spending is the way forward to drive growth. You can ask the US, UK, Japan, etc.