IMF Tells Nigeria to Stop Wasting Their Oil Money

The International Monetary Fund has told Nigeria's government to be cautious with its oil money. The IMF has urged the country's federal government to come up with policies to save as much funds as possible and avoid undue increase in government spending.

  • Comment (3)

  • Nigeria:  Don't Waste Your Oil Money, IMF Warns Govt

    Vanguard, 2 November 2012

    THE International Monetary Fund, IMF, yesterday, cautioned Nigeria against expansionary fiscal policies, given the uncertainty that still pervades the global economic scene just as ... read more »

Photo: Vanguard

Oil Spill in Nigeria

InFocus



Comments Post a comment

  • wholemkt103
    Nov 6 2012, 19:43
    Report Abuse

    Wonderful.

    Share a website with you ,

    ( http://www.wholesalemkt.net/ )

    Believe you will love it.

    We accept any form of payment.

  • Nwagwu Olive
    Nov 2 2012, 18:10
    Report Abuse

    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 .

  • hriacs02
    Nov 3 2012, 00:56
    Report Abuse

    PEACE. I AM NOT AN ECONOMIST NOR GEOLOGIST, JUST A VERY CONCERNED INDIVIDUAL VISITING NIGERIA OVER THE YEARS. HERE IS MY TAKE ON THIS ARTICLE AND THE SITUATION AS IT EXISTS AND HAS BEEN EXISTING FROM THE PAST. FIRST, THERE ARE "TOO MANY COOKS IN THE POT", WHO HAVE BEEN SPOILING THE FOOD. PRACTICALLY, NO ONE SEEMS TO KNOW WHAT HIS RESPONSIBILITIES WERE/ARE. RESULTING IN PILFERAGING OF MONEY ALL AROUND, WHEREVER IT CAN BE TAKEN FROM, ONCE IT CAN FILL THEIR OWN POCKETS. TELL ME WHO ARE THE LOSERS? WELL IT IS THE VAST MAJORITY (MILLIONS) OF NIGERIANS REMAINING POOR AND AS WE SAY HERE (IN AN OIL PRODUCING COUNTRY, FROM WHICH WE ALSO PRODUCE METHANOL AND UREA) "SCRUNTING" TO MAKE ENDS ON A DAILY BASIS. ITS TOO PATHETIC. THE PROBLEM WITH NIGERIANS IS THIS SAYING OF YOURS. "THIS IS NIGERIA". YOU LISTEN TO PRACTICALLY NO ONE. APPARENTLY YOU KNOW WHAT'S BEST FOR YOU, IF SO WHY DON'T YOU DO THAT WHICH IS BEST. PEACE AND LOVE