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The International Monetary Fund (IMF) has expressed its support for the Nigerian government’s palliatives led by President Bola Tinubu, which aim to assist Nigerians in coping with the economic challenges resulting from the removal of petrol subsidies.
The IMF’s director of communication, Julie Kozack, stated that the organization welcomes the removal of subsidies in Nigeria and the unification of the exchange rate regime.
Kozack emphasized the importance of targeted social spending to mitigate the impact of fuel subsidy removal on vulnerable citizens.
She also highlighted the need for tax administration reforms to strengthen revenue mobilization, reduce vulnerabilities, and ensure sustainable public debt.
Kozack further noted that inflation in Nigeria is expected to rise in the coming months and recommended fiscal and monetary policy tightening, including reducing Central Bank financing of government fiscal deficits, to prevent further escalation of inflation.
The IMF has been actively involved in supporting countries during challenging transitions, such as the response to the COVID-19 pandemic and the aftermath of the Russia-Ukraine conflict.
Since March 2020, the IMF has provided over $300 billion in financing to 96 countries, including concessional lending to 57 low-income countries, and continues to witness high demand for its financial assistance.
This article was updated 1 week ago
