IMF, World Bank’s Policies Affecting Nigeria, Falana Tells FG
Human rights lawyer, Femi Falana, has urged the Nigerian government to discard the “deleterious policies” of the World Bank and the International Monetary Fund (IMF) like asking the government to increase electricity tariff and remove whatever was remained of the petrol subsidy despite that the political climate in the country was not conducive. "There is no society in the world where government does not subsidise one product or the other even in the most advanced capitalist societies. And that is why Nigerians must begin to ask the government to discard and jettison the deleterious programmes and policies of the IMF
COVID-19: Buhari seeks IMF support for developing countries
The President, Major General Muhammadu Buhari (retd.), has called for the reallocation of unused International Monetary Fund’s reserve assets also known as Special Drawing Rights currently held by developed countries to support COVID-19 recovery efforts in developing economies. The President, represented by Vice President Yemi Osinbajo, made the call on Tuesday at the virtual high-level meeting of Heads of State and Government on financing the 2030 Agenda for Sustainable Development in the era of COVID-19 and beyond. Osinbajo’s spokesman, Laolu Akande, disclosed these in a statement on Tuesday. The SDR is an international reserve asset created by IMF to supplement
IMF worries over Nigeria’s repayment capacity of N24.39tn debt
The International Monetary Fund, on Tuesday, expressed worry over Nigeria’s ability to repay its foreign debt which had continued to rise. Though it said conditions were favourable for the country to continue to borrow, the IMF equally expressed worry over the capacity to repay. The Punch reports that the Financial Counsellor and Director, Monetary and Capital Markets Department, IMF, Tobias Adrian, while presenting the Global Financial Stability Report at the ongoing joint annual spring meetings with the World Bank in Washington DC, said, “Nigeria has been borrowing in international markets but we worry. So, on the one hand, that is very
Nigeria Servicing Debt With More Than 50% Revenue – IMF
The International Monetary Fund on Thursday painted the precarious situation of the nation’s economy in particular and Sub-Saharan Africa’s, in general, going by how much the country and the region spend on debt servicing. According to the Breton Woods financial institution, Nigeria spends more than 50 per cent of its revenues on servicing debts, a situation that does not give room for other necessary expenses. Speaking at the presentation of the Regional Economic Outlook for Sub-Saharan Africa – Capital Flows and the Future of Work in Abuja on Thursday, Senior Resident Representative and Mission Chief for Nigeria, African Department, Amine
