GOVERNMENT’S POLICY SUPPORT HAS AIDED NIGERIA’S ECONOMIC RECOVERY – IMF

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IMF
IMF

The International Monetary Fund recently declared that the Nigerian economy was rebounding from a historic downturn, thanks to government policy support, rising oil prices, and international financial aid.

The IMF had also – in November last year – stressed “the need to fully remove fuel subsidies and move to a market-based pricing mechanism in early 2022 as stipulated in the 2021 Petroleum Industry Act.” They revealed that despite the improvement in oil prices, the general government budget deficit is expected to increase to 5.9% of GDP in 2021, reflecting implicit fuel subsidies and increasing security spending.

 

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