Tag: International Monetary Fund

‘Remove fuel, electricity subsidies early 2022’, IMF tells FG

Aminu Imam

…Says perception of corruption remains high The International Monetary Fund, (IMF), has called for the complete removal of fuel and electricity subsidies in Nigeria early next year. In the concluding statement of its 2021 Article IV Mission published on Friday, the Bretton Woods institution said the implementation of cost-reflective electricity tariffs as of January 2022 should not be delayed. The IMF urged the Federal Government to implement revenue-based fiscal consolidation in the country. Nigeria, according to it, needs major reforms in fiscal, exchange rate, trade, and governance to promote sustainable…

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FG awaits its share, as IMF begins distribution of $650bn SDRs

Aminu Imam

Nigeria together with other developing countries are expected to share $275 billion out of the International Monetary Fund’s (IMF) $650 billion Special Drawing Rights (SDRs). Nigeria is currently entitled to receive about $3.35 billion as its share of the SDR fund. Ms. Kristalina Georgieva, IMF’s Managing Director, said this in a statement on Monday, in Washington DC, while announcing the commencement of the distribution of the SDR. According to her, of the $275 billion, low-income countries will receive about $21 billion, which is equivalent to as much as six percent…

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Covid-19: IMF says Nigeria’s economy ‘gradually’ recovering

Aminu Imam

A team from the International Monetary Fund, (IMF), has said that the Nigerian economy was “gradually” recovering from the negative effects of the Covid-19 pandemic. The IMF disclosed this on Thursday, in its end-of-mission statement, issued from its Washington, DC, headquarters, USA, on preliminary findings following virtual meetings of its teams with the Nigerian authorities from June 1-8. The IMF team, led by Ms. Jesmin Rahman, discussed recent economic and financial developments and outlook and noted that “real gross domestic product (GDP) is recovering but unemployment and inflation remain high”.…

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IMF increases Nigeria’s 2021 economic growth forecast to 2.5%

Aminu Imam

…To recommend debt repayment relief The International Monetary Fund, (IMF), has revised upward its growth forecast for the Nigerian economy for 2021 to 2.5 percent, from its earlier projection of 1.5 percent it announced in January. The IMF announced the new projection in its World Economic Outlook update released yesterday. The new growth projection is 1.0 percent higher than the multi-lateral institution’s 2021 forecast in January, which was a downward review from the forecast it shared in October 2020. This is just as there are strong indications that Nigeria may…

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IMF says Nigerian economy at ‘critical juncture’

Aminu Imam

Ø  Urges VAT hike The International Monetary Fund, (IMF), yesterday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic. The IMF said plunging oil prices and sharp capital outflows in the first quarter of 2020 significantly increased balance of payments pressures that caused output contraction, thus, exposing the economy to risks. In a report released yesterday, which follows consultation with authorities in Nigeria, the IMF emphasised the need for urgent policy…

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