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Tuesday, January 5, 2016

TUC Raises Alarm Over IMF MD's Visit To Nigeria

The federal government has been warned by the Trade Union Congress (TUC) to be wary of the International Monetary Funds (IMF), whose Managing Director, Mrs. Christine Lagarde is on a four-day working visit to Nigeria, The Punch reports.
President Muhammadu Buhari discussing with The Managing Director of the International Monetary Fund (IMF), Mrs Christine Lagarde during an audience with IMF Team at the State in Abuja
Messrs Bala Kaigama and Musa Lawal the president and secretary general of the TUC respectively, in a statement on
Tuesday, January 5, said that the warning became necessary as a result of the bitter experiences of Nigerians with the IMF in the past.
According to him, the country was already in a precarious situation and would not be able to cope with the harsh conditions attached to IMF credit facilities.
The president and secretary general of the TUC said that the suggestions from the IMF and related bodies had always resulted in more suffering.
Kaigama and Lawal both expressed concern that Lagarde would take advantage of the opportunity of her visit to attempt to sell IMF theories that would aggravate the economic situation in the country.
They also said that the proposed meeting between the IMF’s chief and the president should result in improved business environment and the promotion of opportunities for business growth in the private sector and enhanced opportunities for job creation.
In a related development, Christine Lagarde,she is not in Nigeria to negotiate a loan for the country.
While addressing a press conference at the State House in Abuja, Lagarde said she had a fruitful discussion with President Muhammadu Buhari on the state of the Nigerian economy in the light of dwindling oil prices.