FG Hasn't Taken IMF Loan - Minister
From Toba Suleiman in Abeokuta and Oghenekevwe Laba in Lagos
Minister of Finance Dr. (Mrs) Ngozi Okonjo-Iweala, has disclosed that contrary to the general belief Nigeria has not taken any loan or owe the International Monetary Fund (IMF).
She made the disclosure at the weekend in Abeokuta during the closing ceremony of the 3-day National Council on Finance and Economic Development Confe-rence. The minister explained that Nigeria's external debt stood at N32.9 billion, 8 percent of which, she said, was taken from the international commercial institutions such as Africa Development Bank (ADB) and World Bank.
She added that Federal Government would stop at nothing in its move to ensure the success of the fiscal responsibility bill, which is in the draft stage.
"We are beginning to work with members of the National Assembly. We have reached out to key stakeholders to ensure the success of the bill, which was at the instance of president Olusegun Obasanjo and his Vice," she explained.
She observed that the essence of the bill was to enable the three tiers of government to coordinate properly, in prudently managing the finances of the part of the country and Federal Government have a transparent budget.
According to her, the proposed bill which has provision for a micro economic frame would allow Nigerians to know exactly what policy makers are doing with their money.
She stressed that "the bill would enable all of us at all levels of government to work towards looking at each status on inflation, on fiscal deficit, on growth, on the economy, on creating jobs and employment."
"These are some of the indicators we are looking at in the fiscal responsibility bill. It also has provision for accountability," the minister said.
In arelated development, Okonjo-Iweala has noted that the country's foreign reserve of N12.4 billion indicates that the economy is doing well.
Iweala, who made the confirmation to THISDAY while declaring open Wolf Shelter, built for less privileged women in Aguda, Surulere, Lagos by Women of Light Foundation, stated that having N12.4 billion reserve is wonderful and a good thing for the country.
Her wordS: "N12.4 billion reserve is wonderful and good for the economy of the country. We have built up our reserve over and above what we have last year. Remember that last year, we were loosing reserve. Presently, we have built up the reserve and we are strong which means we are doing well and we are managing."
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