Tag: IMF

Africa’s fastest-growing economies: ‘Benin, Rwanda, others outpace Nigeria’ – IMF 

Aminu Imam
Nigeria IMF

The International Monetary Fund, (IMF), has excluded Nigeria from its latest list of Africa’s fastest-growing economies, naming Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda as the continent’s top performers. IMF African Department Director, Abebe Selassie, disclosed this while presenting its ‘Sub-Saharan Africa’s Regional Economic Outlook’ on Thursday.  He attributed the strong performance of the five countries to sustained fiscal reforms, macro-economic stability, and investments in infrastructure and manufacturing. Selassie said sub-Saharan Africa’s growth is projected to hold steady at 4.1% in 2025, with a modest improvement expected in 2026.…

Read More

“W’Bank, IMF insisted FG must remove all subsidies’ – Falana

Aminu Imam
Falana on W'Bank, IMF

A Senior Advocate of Nigeria, Femi Falana, has accused the World Bank and the International Monetary Fund (IMF) of pushing the federal government to remove fuel subsidy. Falana, while speaking during an interview on a television programme on Sunday, stated that no country in the world has completely abolished subsidies. The human rights activist further criticised President Bola Tinubu’s administration over the decision to remove the fuel subsidy. He said, “There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely. Even leading…

Read More

‘Nigeria’s reforms are not working’ – IMF Report

Aminu Imam

The latest International Monetary Fund (IMF) report on the economic outlook for sub-Saharan Africa has indicated that Nigeria’s ongoing economic reforms are struggling to deliver meaningful results, even 18 months after their implementation. The report, presented on Friday at the Lagos Business School (LBS) by IMF Deputy Director, Catherine Patillo, highlighted a mixed performance of economic reforms across the region, with notable successes in countries such as Côte d’Ivoire, Ghana, and Zambia. However, Nigeria was conspicuously absent from the list of success stories. According to the report, sub-Saharan Africa’s average…

Read More

“Politicians, IMF, World Bank driving Nigerians towards Venezuela” – Ali Ndume

Aminu Imam
Ndume on hardship

Senator representing Borno-South, Ali Ndume, has accused politicians, the International Monetary Fund (IMF), and the World Bank of contributing significantly to Nigeria’s economic woes. Speaking during an interview on a television programme  yesterday, Ndume warned that their actions are pushing the country toward a crisis similar to Venezuela’s. The senator’s remarks reflect his criticism of external economic policies and domestic political mismanagement, which he believes have combined to worsen the country’s economic challenges. Ndume emphasised the need for a more self-reliant and locally driven approach to economic reforms, urging leaders…

Read More

“Don’t do everything IMF, World Bank asks you to”  Jega tells Tinubu 

Aminu Imam
Jega tells Tinubu

…Says their policies are ‘anti-people’ Former Chairman of the Independent National Electoral Commission, (INEC), Prof. Attahiru Jega, has urged the Nigerian government not to take every advice offered by the Bretton Woods institutions – the World Bank and the International Monetary Fund, (IMF). The former INEC boss gave this advice while speaking at the ongoing 2024 Annual Directors’ Conference, with the theme: ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development’, organised by the Chartered Institute of Directors of Nigeria, (CIoD), said while it is good and useful…

Read More

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,…

Read More

?”?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…

Read More

‘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…

Read More

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…

Read More

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…

Read More