I have never been a friend of IMF because of what I think they represent when it comes to exchange of obligation in developing nation . For me, IMF operate on same principle of robbing Peter to pay Paul, consistent with the economic of imperialism and anexation stretching from age of slavery to modern times. It is a shame though the political leadership in almost all the developing nations have played slavish to the dictates of EU and US. Despite all of this , Nigeria and developing nations, especially in Africa need to listen to this warning with prudence. That Nigeria was not able to execute up to half of her 2011 budget which was meant to progessively precede the current one is hopelessly indicative of poverty of governance by mindless leaders and profound incompetence at it's worst. Technically , the effect of that drawback will inherently extend the order of budgetry management to disturb any future plans towards developement programe . Lack of funds resulting from corruption in this administration can not be overstated in terms of the relentless continuity and disrruptions . Every economic activity operate with same principle , if you keep spanding more than your income in a household , sooner or latter you'll seek for bankruptcy. In similar manner , any nation that spend more than her income will be stalled and eaten up as she become cheap dumping ground and mere consumer of productions from nations that had the wisdom to manage the resources with prudence and sacrifice . Look at China and how she managed the economy to feed over billion population and still moved her resources to this magnanimous mordernizatiuon without a pint of petroleum . Heed this warning by a not so wondeful friend before we go back to blame our incompetency and robbery by insensitive government on colonial wrong doing .