UNCOVERED: IMF determines Nigeria's economic policies

                                              

                                                  IMF President

           

This is no rumour, I will quote the CIA and give you the link as we continue. Now have you wondered why the government of Nigeria would come up with economic policies that will further impoverish its people? Have you ever sat down to understand why economic managers will come up with policies that will make thousands of people loose their jobs in an economy that has a huge unemployment rate?

Has it occurred to you for once, why a government that has one of the fastest rising poverty rate would be too eager to remove fuel subsidy?. Have you really sat down to try and understand why state governors will be dragging revenue sharing formula, and the CBN governor will clamouring for such too, at a time when the country is facing a major security challenge that bothers on our co-existence? I do not want to be seen as a threat to national security, but just for you to have a clue of what is really behind certain unpleasant economic policies and the reason why the government always seem desperate to implement them, despite the citizen's outcry against such. Have you wondered why the CBN is hasty about cashless economy at a time when the country needs more jobs created than job losses?

Below is a text I copied from the CIA's  yes (Central Intelligence Agency) website, I have highlighted the important text that shows that these polices are influenced by IMF in red, and provided the link. please read.

This is not to incite anybody against the government or to contribute negatively to the already worsening security situation of my great country. please enjoy.

Economic- Overview

"Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies , and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices . President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements".

According to CIA website link https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html under Economic- Overview.