Finance minister, Mrs Kemi Adeosun, has said Nigeria does not need to borrow from the International Monetary Fund (IMF), despite the economic recession.
Adeosun speaking in an interview with CNBC, said Nigeria is pursuing its own economic reform plan, which is as rigorous as that of the fund.
For Nigeria, the minister said the IMF is regarded as a lender of last resort when a nation have balance of payments problem.
Adeosun, however, contends that Nigeria’s economic problems is fiscal problem and not balance of payment problem.
The minister explained that non-oil revenues were improving, while the government was fine-tuning an economic reform plan, to support an application for a loan of $1 billion from the World Bank and further funds from the African Development Bank.
Nigeria will also present its economic proposal to the African Development Bank, to help release a second loan tranche worth $400 million to support the budget.