The Nigerian Minister of Finance, Kemi Adeosun (photo, left), has said that Nigeria does not need to apply for an International Monetary Fund programme to fund its budget deficit as the government is currently pursuing its own economic reform plan.

“For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn't have balance of payments problems per se, it has a fiscal problem. We are already doing as much reform as any IMF programme would impose on Nigeria. Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform,” Adeosun said in an interview on Tuesday.

According to her, non-oil revenues are improving gradually while the government is modifying the economic reform plan needed to apply for a loan from the World Bank and the African Development Bank. The plan is expected to be finalized this year.

Africa’s largest economy is currently facing its first recession in 25 years, driven by the fall in the prices of crude oil. This had raised speculations that the country might have to apply for an IMF fund to cover its growing budget deficit.

Anita Fatunji