NEWS | Politics | CRIME TALK ZONE | DJ MIX | SPORTS |


Burna Boy
Davido
Wizkid
Naira Marley
Olamide
Tiwa Savage
Rema
Asake
Kizz Daniel
OdumoduBLCK
Shallipopi
Tems
Ayra Starr

« | »

IMF Reaffirms Support for Naira Float and Fuel Subsidy Removal in Nigeria

Published by on October 31st, 2024.


IMF Reaffirms Support for Naira Float and Fuel Subsidy Removal in Nigeria

The International Monetary Fund (IMF) has reiterated its recommendation for Nigeria to eliminate the petrol subsidy and allow the naira to float freely.

 

Reports from Daily Trust indicate that the Bretton Woods institution has faced criticism for allegedly influencing President Bola Tinubu’s economic policies, particularly regarding the subsidy removal and naira floatation, which have contributed to rising inflation in the country.

 

During a briefing at the IMF and World Bank Annual Meetings in Washington, D.C., Abebe Selassie, the IMF’s Director for the African Region, clarified that the decision to remove the fuel subsidy was made by President Tinubu and was not a direct recommendation from the IMF. He emphasized that the IMF’s engagement with Nigeria is limited to regular discussions, similar to those it maintains with other countries like Japan and the UK.

 

In a statement to PremiumTimes, an IMF spokesperson confirmed that the organization stands by its recommendations to the Nigerian government. They emphasized that the advice should be seen as part of a broader policy framework, where each component is interconnected. This framework aims to promote macroeconomic stability and improve living conditions sustainably.

 

The spokesperson also highlighted that the advice regarding petrol subsidies and exchange rate adjustments is designed to be part of a larger strategy that includes increasing social transfers to support Nigerians facing the cost-of-living crisis and the impacts of these policy reforms.

 

TRENDING SONGS

Song Viral video: SS1 Student Sparks Outrage After Allegedly Acquiring Mercedes-Benz — Father Demands Return, Friends Disagree Song Family Curse: No Woman In My Family Can Keep Husband Alive Past Their 35th Birthday, Lady Reveals Song Video: Man Sitting Behind Tinubu During His Speech At BRICS Meeting Trends Online Song Oga Sabinus-Sabinus is Completed Finished(Comedy Video) Download Song Funny Video: Senate vs a Proud Professor Song JUST IN: See the Numbers of People Road Accident Killed in Lagos

CLICK TO DROP YOUR COMMENT

Share this post with your friends on


0 Responses

Leave a Reply

NOTE:- Make your comment a bit long to get it approved.



Go Back To The Top

« | »


Looking for something? Search below