The International Monetary Fund (IMF) has issued a stark warning to President Bola Tinubu, urging him to take decisive action to remove implicit fuel and electricity subsidies in Nigeria. In a recent report, the IMF highlighted the substantial impact of these subsidies, estimating that they would consume three percent of the nation’s Gross Domestic Product … Read more
The International Monetary Fund (IMF) has said the silent reintroduction 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, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43tn ($5.9bn) of its projected N17.7tn of oil … Read more
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open … Read more