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Udo Udoma FG not turning to IMF for loan – Minister

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Senator Udoma Udo Udoma play

Senator Udoma Udo Udoma

(Union Bank)

The Ministry of Budget and National Planning has explained that the Federal Government is not sourcing any loan from the International Monetary Fund (IMF).

The Minister of Budget and National Planning’s Media Adviser, Mr James Akpandem, made the clarification on Friday in Abuja.

Akpandem said that the minister, Mr Udoma Udo Udoma, did not mention turning to IMF as reported by a national newspaper on Friday.

He said the minister while briefing a French delegation that visited him in Abuja on Thursday, explained generally that government was exploring both internal and external sources to fund infrastructure.

According to him, the minister emphasised that in the case of external sources, government will only be looking at institutions that can give concessionary terms.

ALSO READ: Minister says Nigeria is borrowing solely to fund infrastructure projects

“The Federal Government does not have need to go to the IMF for any loan at this time,’’ he said.

The News Agency of Nigeria (NAN)  recalls that the minister had told the delegation that the government was borrowing to provide infrastructure.

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