Nigeria May Seek IMF Bailout
“Essentially, there are two ways countries end up with the IMF. One is voluntary when they just say look IMF come we need help, or when things get to the grind where they simply have no other option.
“I don’t see Nigeria going to the IMF voluntarily. It’s a hot issue here in Nigeria. But the honest truth is that if we don’t address our fiscal challenges in a sensible and sustainable manner, we may end up unwillingly with the IMF.’’
Going further, he added. “We are not there yet at the point of involuntary. But we could as much stop digging. There is a maxim that if you find yourself in a pit, you should stop digging and start climbing out.
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“And if we continue to fund regressive deficits, it is tantamount to continuing to dig. If we continue to pass on reasonable opportunities to increase revenues by introducing taxes, it is tantamount to continue digging.
“Even though I said we should not cut expenditure in total, we need to get more efficient in our spending. If we don’t do that again, it is tantamount to continuing to dig.” Director General of the Budget Office of the Federation, Ben Akabueze