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News

IMF Urges FG To Phase Out Electricity Subsidy Amid Economic Strain

In light of Nigeria’s ongoing economic challenges, the International Monetary Fund (IMF) is urging the Bola Tinubu-led administration to gradually eliminate electricity subsidies, aligning with its previous recommendation regarding fuel subsidy removal in May 2023.

Highlighting the country’s fiscal burden, the IMF’s recent ‘Post Financing Assessment (PFA)’ report underscores the need for decisive action, emphasizing that the government’s financial strain necessitates the complete removal of both fuel and electricity subsidies.

Acknowledging the substantial financial toll, the IMF’s recommendation underscores the imperative for Nigeria to restore macroeconomic stability. This stance echoes the government’s own assessment, which revealed significant expenditures on electricity subsidies, totaling N375.8 billion between January and September 2023.

While commending the federal government’s reform efforts, the IMF reiterates the importance of phasing out both fuel and electricity subsidies to alleviate fiscal pressure and pave the way for sustainable economic growth.

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