IMF Chief Debunks Media Reports Of Being In Nigeria To Lend Money

IMF Chief Debunks Media Reports Of Being In Nigeria To Lend Money

IMF Chief Debunks Media Reports Of Being In Nigeria To Lend Money

Christine Lagarde has been holding talks with Nigerian officials

The International Monetary Fund (IMF) chief, Christine Lagarde has denied media reports by the BBC's Bashir Sa'ad Abdullahi in Abuja, that she is in Nigeria to negotiate an IMF loan to the Nigerian government.

In a speech in Nigeria’s capital, Abuja, Christine added that she sees no reason why the country would need IMF money.

Her speech debunks earlier media reports that Nigeria's President, Muhammadu Buhari is holding talks with International Monetary Fund chief Christine Lagarde in order to get money to fund an $11bn (£7.5bn) budget deficit.

In a report by Reuters news agency, It noted that Christine in her speech also suggested that Nigeria's government should widen its sources of revenue in order to not rely so much on oil, the price of which has recently plunged.

The country is facing a cash shortage because of the plunging oil price - one of the main sources of government revenue. The government's budget deficit for 2016 stands at $11bn (£7.5bn).

 

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