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'Our Reforms Yielding Results' - Mark

Source: EMMA UCHE - thewillnigeria.com
PHOTO: SENATE PRESIDENT DAVID MARK.
PHOTO: SENATE PRESIDENT DAVID MARK.
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ABUJA, Nov 24, (THEWILL) - President of the Senate, Senator David Mark has stated that institutional reforms and fiscal discipline instituted into the economy by the present administration is already yielding dividends just as he assured the African Development Bank (ADB) that Nigeria would not obtain frivolous loans.

Senator Mark told the President, African Development Bank ADB, Dr. Donald Kaberuka, who was on a visit, that Nigeria takes is cautious when it obtains foreign loans.

He noted that it will be difficult for nations to run the affairs of their countries without external borrowing but "if we must borrow, it must be necessary to address critical infrastructures that will touch the lives of our people positively. Whatever loan we obtain must be the one that is needed and must be properly utilized for the purpose for which it is meant.

"I can assure you that we have the capacity to utilize effectively any loan that is advanced to the nation adding that the monetary policy reforms of the present administration has successfully adjusted the nation's economy to the present realities," Mark said. He stressed further that Nigeria would sustain the firm and workable relationship with African Development Bank, (ADB) for mutual benefits.

Earlier, the visiting President of ADB, Dr. Donald Kaberuka noted that economic indices show that Nigeria is in the right direction and steadily recovering from the shocks of the economic recession.

Dr. Kaberuka noted that the two challenges of infrastructure reforms and fiscal discipline put in place by the government are practical steps towards speedy recovery for the economy. He urged the government to continue in that stead, saying, "The ADB will continue to provide the needed support that will promote the nation's economic growth. Your economy is doing well, all you need to do is to harness the gains and consolidate for the future."

Dr. Kaberuka was accompanied on the visit by the Permanent Secretary in the Ministry of Finance, Dr. Danladi Kifazi and some members of the Bank's management team.