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8 Oct 2016

Nigeria Just Rejected IMF's Interest Free Loan, and Here's Why

The International Monetary Fund, IMF has announced to offer an interest free loan to Nigeria and other countries having economic difficulties, but Nigeria, with its huge need of a interest free loan, is having none of it.

Reports said top Nigerian officials who were present at the meeting weren't too keen on the offer.

“The IMF people have been talking to us for some time, asking us to come and take loans, but their facilities come with too many unfavourable conditions," a government official said.

“For instance, they told us to remove fuel subsidy and devalue the naira, which we did. If we take their fresh offer, they may ask us to raise the price of fuel and further devalue the currency, but these will create unrest in the country because the people are already suffering and we are aware of this.

“We will rather take a facility from the World Bank. The IMF facility comes with too many conditions; though we need a lot of funds to come into our economy now, we have to be wary of some of the tough conditions attached to them.”

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