Vanguard reports that the 2016 appropriation bill sent to the National Assembly by President Muhammadu Buhari may be subjected to further scrutiny and amendments by the IMF.
Speaking to newsmen yesterday in Abuja, Lagarde said the multilateral financial institution would be discussing the budget next week with Nigerian officials.
“A team of economists is going to come here (Nigeria) next week to review and audit (the bill) and have a good discussion with the government authorities to really assess whether the financing is in place, whether the debt is sustainable, whether the borrowing costs are sensible and what strategy must be put in place in order to address challenges going forward,” she said.
The IMF boss explained that she could not comment directly on the content of the 2016 Appropriation Bill because there are procedures at the IMF that must be followed.
The Guardian reports that Lagarde said Nigeria does not need to borrow to sustain its economic future.
According to her, the steps Buhari’s administration has taken so far to revive the economy were quite promising, adding that Nigeria needed to show more flexibility and stronger discipline in the implementation of its fiscal policies.
Buhari however, gave the assurance that his administration would look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the economy.
The Punch reports that the IMF boss said Nigeria was capable of overcoming its current economic challenge of falling commodity prices without resorting to the IMF for financial support.
Lagarde said the monetary fund was willing to assist the federal government trace stolen funds, plug revenue leakages and restructure the tax system.
She was said to have said this during a closed-door meeting she had with Buhari at the presidential villa, according to a statement by Femi Adesina, the president’s special adviser on media and publicity.
On his part, Buhari said his administration would look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effects of dwindling oil prices on the Nigerian economy.
In other news, The Nation reports that Tony Anenih, a former Peoples Democratic Party (PDP) Board of Trustees (BOT) chair wrote to the Economic and Financial Crimes Commission (EFCC), explaining how he disbursed the N260 million paid into his bank account from the Office of the National Security Adviser (ONSA).
According to him, he didn’t benefit from the money but only shared it following instructions.
Anenih said he gave N63 million to a group coordinated by a former special assistant to former President Shehu Shagari (National Assembly Liaison), Alhaji Tanko Yakassai, for the 2015 presidential election
The EFCC believes the cash came from the allegedly misappropriated $2.1 billion arms funds.
Meanwhile, Daily Sun reports that Isa, the four-year-old boy in the latest ISIS video has Nigerian roots.
Speaking with a correspondence of a UK-based media organization, Henry Sunday Dare, a Nigerian identified Isa as his grandson, saying, “He’s my grandson. I can’t disown him. I know him very well.
“The Islamic State (IS) is just using a small boy. He doesn’t know anything. He’s a small boy. They are just using him as a shield.”
Isa appeared at the end of the 11-minute video that surfaced on Sunday, which showed some ISIS militants executing five supposed British spies.
He was heard calling in Allah’s name, for the execution of the individuals.
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