Former Minister of Finance Seth Emmanuel Terkper is of the firm belief that government is racing behind time to go to the International Monetary Fund (IMF) for a bailout.
He has, therefore, challenged the government to provide proof that it can save the economy from distress without going for an extended credit facility (ECF) from the Fund.
“So, even if you are not going to the [International Monetary] Fund and we are not going, where are we going to get the money?” he asked on TV3‘s Business Focus on Monday, January 31.
“It is as simple as that. As I said, it is a choice for the government.
“If you are not going to the IMF, we are not seeing a plan and that is what Fitch is saying. I am not the only one saying it.”
Mr Terkper also recommended to the government to undertake home-grown policies, reminding members of how that helped in the wake of a request for bailout for the country in 2015.
“What do you do when you have a situation like this? It is the home-grown [policies] and you use it.
“In fact, we used the home-grown [policies] to negotiate the ECF and the IMF policy work for the first time.”
To Mr Terkper, there is a current problem of expenditure exceeding revenue and that is a worry.