- The IMF urges Nigeria to implement economic policies that protect the most vulnerable citizens, especially during ongoing r removal of fuel subsidies has caused significant hardship, with fuel prices rising from N200 to N1,000 per litre, leading to inflation.
- The IMF emphasizes the importance of targeted financial support for vulnerable households and plans to visit Nigeria for the 2025 Article IV Consultation.
- The International Monetary Fund (IMF) has urged the Nigerian government to ensure that its economic policies protect the country’s poorest citizens.
IMF’s Director of Communications, Julie Kozack, said during a press conference in Washington that Nigeria should provide financial support to help vulnerable people cope with economic reforms.
The removal of fuel subsidies, which was recommended by the IMF, has led to significant hardship for Nigerians. Fuel prices have risen sharply from around N200 per litre to nearly N1,000, causing inflation to soar.
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Kozack acknowledged these difficulties and emphasized the need to assist struggling households. She said while Nigeria’s efforts to stabilize the economy and encourage growth are important, they should be accompanied by targeted financial aid for those in need.
She also urged Nigeria to speed up the distribution of cash transfers and improve revenue collection.
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Additionally, Kozack announced that IMF officials would soon visit Nigeria for their 2025 Article IV Consultation. This is part of the IMF’s regular assessment of member countries’ economies, where they collect financial data and discuss policies with government officials.
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