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FG Denies Turning to IMF For Loan

By Modupe Gbadeyanka

Federal Government has reacted to reports that it was turning to the International Monetary Fund (IMF) to obtain a loan of $30 billion.

President Muhammadu Buhari had written to the National Assembly for an approval to get the loan from international institutions, but his request was turned down by the lawmakers.

On Friday, a newspaper report claimed government was looking in the direction of IMF for a loan to revamp the country’s economy.

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But reacting, Minister of Budget and National Planning, Mr Udoma Udo Udoma, refuted the report, insisting that the FG was not looking to source any loan from the IMF.

In a statement issued on Friday by his media aide, Mr Akpandem James, the Minister noted that government “does not have need to go to the IMF for any loan at this time.”

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He said while briefing a French delegation that visited him in Abuja on Thursday, on what the FG was doing to drive revenue for its activities, the Minister, explained generally that government was exploring both internal and external sources, but emphasized that in the case of external sources, government would only be looking at institutions that can give concessionary terms.

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“Throughout the statement issued by the Ministry on the visit, which was not covered by any media organization, no mention was made of any specific loan from any institution,” the statement point out.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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