Expert Urges FG To Accept IMF Loan

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A financial analyst, Mr Femi Awoyemi, has advised the Federal Government to accept the zero interest loan offered by the International Monetary Fund (IMF) because he saw no fears in it.
Awoyemi, Chief Executive of an investment outfit, Proshares Ltd. in Lagos, told the News Agency of Nigeria (NAN) in Lagos that the loan would not do any harm.

“I see no fears in accepting it contrary to what some people are saying because the government has already executed some structural reforms.

“The government has already decided to adhere to fiscal responsibility and has jerked its earnings through other means such as mining, tax, etc.

“The idea of trying to bring more people into the tax net is being given topmost priority and stopping leakages in government revenues is being addressed,” he said.

The expert said that the anxiety that many Nigerians had about IMF was not tenable now as the errors of the past administration would not occur again.

“The mistakes that came with the structural adjustment programme during General Ibrahim Babangida era cannot happen again as the country had gone beyond that.

“Even now, the country’s challenges are not as precarious as in the past when there were structural problems besides the oil glut situation,” he said.

He said that Nigerians should support the current government in its efforts to reform the economy because about 50 per cent of its decisions had been right.

He urged the government to consolidate on it goodwill by improving on the ease of doing business in the country and introduce other macroeconomic policies to attract foreign investors.
He said the government should not relent in its fight against corruption.

“In the fight against corruption, more needed to be done in every sphere of the Nigerian society because it is about one of the biggest problems confronting the society,” he said.

NAN reports that IMF, on Oct. 6, said it was prepared to lend money to Nigeria and other countries facing economic crisis at zero interest in order to stimulate their economic recovery.

The Managing Director, IMF, Christine Largade, made the offer at a meeting of the World Bank/IMF in Washington DC, United States.
But some Nigerians are against it because of too many IMF conditionalities that may be attached to the loan. (NAN)

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