International Monetary Fund (IMF) is a large organization, a bureaucracy that functions by rules. They give loan and advices to member states. IMF was conceived as a monetary institution with lending power designed to assist members respond to balance of payment deficits without destructive measures to national or international prosperity, and to facilitate the expansion of balance growth of international trade. The economic crises in Nigeria since 1970’s was caused by high unemployment rate, high inflation rate, disequilibrium in the country’s balance of payment, management of internal and external debt and all these contributed to the decline in the living standard of the people. These economic problems stated in Nigeria as a result of glut in world’s oil market, the prices of oil fell, resulting in the decline in foreign exchange earnings that were mainly coming from the oil sector. The policy formulation in Nigeria has been strongly influenced by the IMF Since 1986 to 2008. Although government rejected the IMF loan in 1985. It directly or indirectly adopted the IMF conditions as official policies in 1986 through the World Bank supported structural adjustment programs (SAP).Our recommendation is that since government has adopted most of the IMF recommendations as official policies. It should go ahead and obtain the IMF loan and make sure that the loan is effectively and efficiently utilized In productive and development projects.