IMF’s boss lauds Buhari’s fight against graft, urges fiscal discipline
President Muhammadu Buhari and International Monetary Fund’s MD, Christine Lagarde, at the Presidential Villa today PHOTO: Philip Ojisua
THE Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde has expressed confidence in President Muhammadu Buhari’s campaign against corruption but warned the President on the need for fiscal discipline.
Lagarde spoke at a media briefing at the Briefing Room, State House after about more than one hour meeting with the President and his economic team which included Vice President Yemi Osinbajo and the Minister of Finance, Kemi Adeosun, her counterpart in the Budget and National Planning, Sen. Udoma Udo Udoma and the Central Bank of Nigeria, (CBN) Godwin Emefiele among others.
“But what I certainly mentioned to Mr. President was that his fight and his determination to fight corruption and his determination to bring about transparency and accountability at all levels of the economy are very important agenda item and very ambitious goal that needed to be deliberated upon which he, himself is definitely committed to as he indicated this morning and as he inspires his team members,” Lagarde said.
She confirmed that IMF’s evaluation team would visit the country next week to scrutinize the 2016 budget currently before the National Assembly with a view to coming out with the response and guide the country accordingly, noting that the Fund had no policy of interference on how member-countries determine their run their fiscal policies.
She waved aside sentiments that the Fund had come to negotiate with the country on how to obtain fresh loans with stringent conditionalities, noting that the currently had no need for loans. She insisted that the administration must work on fiscal discipline
According to her, “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, resilience displayed by the President and his team, I don’t see why an IMF programme will be needed.
“So of course discipline is going to be needed, of course, implementation is going to be key for the objectives and the ambitions to serve the country well, in order for it to be actually sustainable.
“On the current account upfront, we believe that with very clear primary ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, particularly if as we think, the price of oil is likely to be possibly low for longer, because clearly the authorities should not deplete the reserves of the country, simply because of rules that will be exceedingly rigid . I’m am not suggesting that the but that rigidity be totally removed but some degree of flexility will be enough.”
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2 Comments
RE: IMF’s boss lauds Buhari’s fight against graft, urges fiscal discipline
President Buhari is failing, he is failing, he is FAILING—and it is saddening and disappointing.
I have the authority and right to say that President Buhari is failing and it is saddening and disappointing because I campaigned for him very vigorously, strongly, resolutely and perseveringly in the internet and at all discussions about who to vote for at not cost to him or his party, and because my INDEPENDENT analyses of the fundamental policies and actions from him are wrong, disadvantaging, deepen our enslavement, and increase the rates of diseases and deaths in Nigeria.
One of my argument was published by the TELL magazine without my consent or any payment to me. It was taken from the internet. I cannot provide the reference for it off hand. But if anyone challenges the truth of this assertion, I will search it out and provide it.
I have not said that President Buhari has failed.
What I have said AND I EMPHASISE, is that President Buhari is failing, he is failing, he is FAILING.
Why have I said that President Buhari is failing?
I have said that President Buhari if failing because he is making WRONG DECISIONS on fundamental and overriding matters.
These are his decisions on Agriculture—because he has sustained of genetic RE-engineering-based agriculture, his school children feeding programme—because there are poisonous, vital organ (kidney, liver and heart)-destroying and deadly GM foods in Nigeria, there is NO proof that any GM food is safe while all safety studies have shown that GM foods are toxic, allergenic, carcinogenic and deadly, and there is no doubt that our children will be given GM mild and other GM foods.
The other reasons why I have said that President Buhari is failing are based on his decision on Climate change—because he is sustaining sequestration, sinking, and carbon trace, and his decision to devalue the naira and remove fuel subsidy—because this disadvantages us the more on the matter of currency authority and demand in international trade and on the matter of local production and trade competition with foreign goods.
I tell Nigerians what they should know: Finance and Economics is about the feeling of hunger and the drive of the emotions to end the hunger and not the storing of money in local and foreign banks, Keynesian theory, western
production model and aim, or pleasing foreign governments, IMF, WB and the so-called experts.
Tell me who is an expert on how to make an economy good or better between the man who lacks job and or the man who lacks food on the one side, and the woman (IMF head) and man (WB hand) who have jobs that earn them VERY
MUCH MORE than they need, the man or woman who work for a government that Nigeria is in competition with, or the “expert” (PAID consultant) for the IMF, World bank, or the government?
Beside the reality of lack of job and hunger as the teachers of a bad economy and the triggers of action to make an economy good, the sense of COMPETITION and commitment to it, driven by NATIONALISM, PATRIOTISM or
nationalistic ALTRUISM, and INDEPENDENCE in thinking, and decision-making are the other ABSOLUTELY necessary principles and attitudes for making the right decision and policy on economics. Clearly and unfortunately, NONE of
the people in economic and financial positions in the government of President Buhari has evidenced or exhibited any of these VIRTUES.
Tell me which African economy is able to feed Africans and which African currency is able to exercise authority and demand in international market? Have these not been advised or recommended by the IMF? Has the matter of
development in African countries not been advised and recommended by the World Bank? Did the head of the IMF not recommend removal of fuel subsidy and devaluation to Jonathan?
Which consultant for the IMF or World Bank has advised or recommended the strengthening of the naira, activation to full supply of all existing sources of fuel, the building of new ones and ensuring that they supply fuel, and not the devaluation of the naira and removal of fuel subsidy? Did God give them devaluation of the naira and removal of fuel subsidy as the measures that will solve our financial, trade and economic problems? Has the IMF or the WB at any time taken responsibility for the pauperisation of Africans, the sustained ENSLAVEMENT of the currencies of African nations to the dollar, and other financial, economic and developmental ills of African nations?
I assert categorically: Buhari is FAILING. I am sad because I campaigned very vigorously, strongly, resolutely and perseveringly for him and because my friends are asking me “How now? What do you say about your man? They also accuse me of taking money to write and speak as I did during the campaigns.
I am not a politician. I do not belong to any political party. I am not interested in any political appointment and will not accept any if offered one. I am Independent Researcher and Public GOOD Promoter. Because of this, my only permanent friend is Nigerian public. My only permanent interest is the good of Nigerian public. I have an enemy. My enemy is any
president, governor, minister etc whose policy or action is anti-public good. Any of these people who is permanently anti-public good is my permanent enemy.
Ms. Legarde said, as quoted: “First let me make it clear that I’m not here nor is my team in this country to negotiate a loan with conditionalities”. Does this say or suggest that a loan will be negotiated but not with conditionalities? Read it again and see the logicality of this question
She said: “We are not into programme negotiations and frankly at this point in time … I don’t see why an IMF programme will be needed”. This means or suggests that if not needed “at this point in time” it will be needed later: Why and how? Also concerning: “I don’t see why an IMF programme will be needed”, note that she added: “So of course discipline is going to be needed, of course, implementation is going to be key for the objectives and the ambitions to serve the country well, in order for it to be actually sustainable”. The discipline refers to “fiscal”. Will IMF not impose fiscal discipline? Concerning “implementation is going to be key”, does this not mean or, at least, suggest that the IMF will police the
implementation of the fiscal discipline imposed, or intends to imposed”
She also said: “On the current account upfront, we believe that with very clear primary ambition to support the poor people of Nigeria, there could be added flexibility in the monetary policy, particularly if as we think, the price of oil is likely to be possibly low for longer, because clearly the authorities should not deplete the reserves of the country, simply
because of rules that will be exceedingly rigid”. What is “added flexibility in the monetary policy? What will be the unsolicited role of the IMF concerning this? Note that an unsolicited role is intended concerning the so-called “flexibility” because she said: “I’m am not suggesting that the but that rigidity be totally removed but some degree of flexibility will be
enough”.
We will review and take appropriate action.