Managing Director of the International Monetary Fund Christine Lagarde speaks at a press conference at the Treasury in London, which was attended by Britain’s Chancellor of the Exchequer George Osborne, December 11, 2015. REUTERS/Stefan Rousseau/Pool
The Nigerian President Muhammadu Buhari, has recently held talks with the International Monetary Fund as the country seeks better ways of tackling economic challenges fuelled by plunging oil prices.
The Fund stated that meetings have been scheduled between its Managing Director Christine Lagarde, President Buhari and his Finance Minister Kemi Adeosun.
Lagarde in a statement said “I look forward to productive meetings … as they address important economic challenges, most importantly the impact of low oil prices”.
The Nigerian President had announced a record budget for 2016, forecasting a doubling of the deficit to 2.2 trillion naira ($11 billion) and a tripling of capital expenditure intended to help the country adjust to the downturn in oil, which has lost around two-thirds of its value since mid-2014. It also has foreign currency reserves worth around $30 billion, and plans to borrow as much as 900 billion naira abroad to fund the deficit, which is equivalent to 2.16 percent of gross domestic product.
Nigeria relies on crude exports for more than half of state revenues and is Africa’s top oil producer.
