President Muhammadu Buhari has told Ms Christine Lagarde, the managing director of the International Monetary Fund (IMF) how he intends to manage the country’s economic crisis.
This was during a meeting between the pair at the presidential villa in Abuja on Tuesday, January 5, 2016.
A statement issued by Femi Adesina, the president’s special adviser on media and publicity indicates that President Buhari’s administration will look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the Nigerian economy.
The statement read: “We have just come out of budget discussions after many weeks of taking into consideration the many needs of the country, and the down turn of the economy with falling oil prices and the negative economic forecasts.
Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde and President Muhammadu Buhari during the meeting today. Photo: Femi Adesina
“We are working very hard and with the budget as our way forward, we will do our best to ensure that our country survives the current economic downturn.
“We have also told all heads of Ministries, Departments and Agencies of government that on our watch, they will fully account for all funds that get into their coffers.”
READ ALSO: Nigeria Is Not Seeking For A Loan- IMF Chief
The President also informed that the federal government was reviewing its operational costs and had directed all the Ministries, Departments and Agencies to cut down on their overhead costs.
In her remarks, Ms Lagarde said that the IMF will be willing to as$ist Nigeria in plugging revenue leakages, tracing stolen funds and restructuring its tax system.
She said that Nigeria had all the potentials to overcome the current economic challenge of falling commodity prices without resorting to the IMF for financial support.
Meanwhile, the management of DAAR Communications, owners of AIT and Raypower have offered President Buhari a giant card as gift to commemorate the festive celebrations.
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