Tag: IMF

Hardship: “We didn’t tell Tinubu to remove fuel subsidy” – IMF

Aminu Imam
IMF on subsidies

The International Monetary Fund (IMF) has denied advising the President Bola Tinubu administration to remove fuel subsidy. Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, IMF’s African Region Director Abebe Selassie, stated that it does not have a say on the fiscal, monetary and macro-economic policies of any nation.  The global lender said the Tinubu’s administration  independently made the decision to do away with fuel subsidy, describing the move to remove the subsidy as a domestic one. According to him,…

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?”?Relying on IMF, World Bank’s policies worsening Nigeria’s economy” -  PRP Chair, Falalu Bello to Tinubu

Aminu Imam
PRP 2 Tinubu

The Peoples Redemption Party, (PRP), says President Bola Tinubu’s reforms have pushed the nation’s “misery index to an unprecedented level” In an issued statement yesterday, the PRP National Chairman, Falalu Bello, faulted the Government’s continuous use of Bretton Woods institutions’ economic policy prescriptions despite their “monumental failures in the past” The Bretton Woods institutions are the World Bank and the International Monetary Fund, (IMF). Bello said the challenges faced by the country could have been addressed using unconventional and orthodox policies without resorting to Bretton Wood’s economic policies. The statement…

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‘Why Tinubu must remove electricity subsidy’ – IMF

Aminu Imam
IMF Asiwaju

The  International Monetary Fund, (IMF), has advised the Nigerian Government to completely do away with electricity subsidy in order to free-up the much-needed funds for the development of the country. The global financial institution explained that it was imperative to halt subsidy on electricity in order to have funds for for “development spending” to strengthen Nigeria’s economy. The IMF advice to the President Bola Tinubu’s administration was contained in its latest report. The report evaluated the performance of Tinubu since he assumed office last year. According to the global financial…

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IMF worries over FG’s re-introduction of fuel subsidy

Aminu Imam
IMF Tinubu

The International Monetary Fund, (IMF) has said the silent re-introduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, which made this recommendation in the latest IMF Staff Country Report for Nigeria, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43trillion ($5.9bn) of its projected N17.7trillion of oil revenue. The Bank of America had projected that it could cost Nigeria between $7bn and $10bn this year if it imported between…

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Structural reform: Nigeria, 11 countries seek adequate, affordable financing

Abdul-Azeez Ahmed Kadir
structured trade finance

Nigeria and 11 other members of the African Consultative Group (ACG) have called for adequate and affordable financing to ensure that structural reform agendas produce the desired result. The members made this known at the end of their meeting with the International Monetary Fund (IMF) in Washington D.C. The ACG comprises the Fund Governors of a subset of 12 African countries belonging to the African Caucus (African finance ministers and central bank governors) and Fund management. In a joint statement issued on Friday, at the end of the meeting by the…

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Nigeria loses title as Africa’s largest economy, slips to 4th place – IMF

Aminu Imam
Lagos Marina

Nigeria’s economy has lost its title as the Africa’s largest economy as it slipped to fourth place behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund, (IMF). Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging behind Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion. ?Africa’s most industrialised nation (South Africa) will remain the continent’s largest economy until Egypt reclaims the mantle…

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Naira to slump further to N2, 081/$1 in official market – IMF

Aminu Imam

The International Monetary Fund (IMF) has projected that the nation’s currency, the Naira, may further depreciate by about 35% to the dollar this year, which according to it, could lead to inflation rate peaking at 44% before the monetary policy tightening could bring the situation under control. The Bretton Woods institution, which disclosed this in its February ‘2024 Post–Financing Assessment and Staff Report‘,  noted that Nigeria’s monetary policy is currently insufficiently tightened to bring inflation below 20%, while pressures on the Naira persist. The report said that amid the absence…

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“No blanket debt cancellation for Nigeria, Ghana, other African economies” – IMF

Aminu Imam

The International Monetary Fund (IMF) has dismissed the possibility of total debt cancellation for Nigeria, Ghana, and other African economies. Speaking during the African Session, at the ongoing IMF/World Bank Annual Meetings, in Marrakech, Morocco, IMF African Department Director, Abebe Selassie said 50 percent of total debts in sub-Saharan countries are domestic, making debt forgiveness difficult. Recall that the Debt Management Office (DMO) data showed that Nigeria has a total debt stock of $113.4 billion as of June 30, 2023. Selassie, who spoke on the theme: “In Pursuit of Stronger…

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IMF: Insecurity will slow Nigeria’s growth

Aminu Imam

The International Monetary Fund, (IMF), has estimated that Nigeria’s economic growth will decline in 2023 and 2024 due to security issues in the oil sector. According to IMF, the country’s economy would grow at 3.2 percent in 2023, before declining to 3.0 percent in 2024. The IMF disclosed this in its latest ‘World Economic Outlook Update: Near-Term Resilience, Persistent Challenges (July 2023)’ report. According to the report, Nigeria’s growth is below projections for the sub-Saharan African region, which is expected to grow by 3.5 percent in 2023 and 4.1 percent…

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Fuel Subsidy: IMF raises doubt over NNPC’s 66m litres daily fuel consumption claim

Aminu Imam

The International Monetary Fund (IMF) has raised doubts on the reported volumes of fuel consumed in Nigeria, calling for a proper audit of the financials of the state-owned oil company – the Nigerian National Petroleum Company (NNPC) Limited. In its latest 2022 Article-4 Mission in Nigeria yesterday, the IMF raised concerns of very poor revenue mobilisation amid huge subsidies, and therefore warned that fiscal transparency remained critical for a sound fiscal policy for Africa’s largest economy. Apart from the IMF, there have been similar doubts around NNPCL’s latest figures which…

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