Just another News Updates
The International Monetary Fund (IMF) has clarified that it was not responsible for Nigeria’s recent decision to remove fuel subsidies, emphasizing that this was an independent decision by the Nigerian government. The IMF has faced criticism amid Nigeria’s fiscal reforms, which have led to rising inflation and increased economic hardship for citizens. Addressing the issue […]
In a bold move underscoring financial sovereignty, Burkina Faso has turned down financial assistance from the International Monetary Fund (IMF), marking a significant shift in the country’s economic and political direction. President Ibrahim Traore’s administration has opted to decline the IMF’s Extended Credit Facility, a program aimed at addressing the nation’s balance of payments issues […]
Prince Adewole Adebayo, the Social Democratic Party’s (SDP) 2023 presidential candidate, has criticized President Bola Ahmed Tinubu’s administration for adopting IMF and World Bank policies that Tinubu previously protested during Goodluck Jonathan’s presidency. Adebayo’s comments come ahead of nationwide protests planned for August 1, organized by youths and groups via social media. He expressed skepticism […]
The Federal Government may require a supplementary budget to accommodate the proposed increase in the minimum wage for workers. This adjustment arises because the negotiated wage may exceed the amount allocated in the original 2024 budget, according to the International Monetary Fund (IMF) in its latest staff country report for Nigeria. The report states, “The […]
The International Monetary Fund (IMF) has urged the Nigerian government to increase its cash transfers to aid impoverished citizens in coping with the current cost of living crisis. Axel Schimmelpfennig, IMF’s Assistant Director for the African Department and Mission Chief to Nigeria, emphasized this during the briefing on Nigeria’s Article IV Consultation held on Thursday. […]
Femi Falana (SAN), the renowned human rights lawyer, has cautioned President Bola Ahmad Tinubu’s administration against adopting the International Monetary Fund’s (IMF) programs and policies in Nigeria. Falana criticized the IMF as an imperialist institution designed to exploit developing countries’ economies. Speaking recently on the widely circulated interview program “Politics Today,” Falana highlighted the withdrawal […]
Nigeria is poised to join Russia and China in the BRICS group, potentially initiating crude oil trading in Naira. The President Bola Tinubu-led administration is actively pursuing BRICS membership, as announced by an international union on X (formerly Twitter) on Friday. The move signifies Nigeria’s intention to diversify its economic alliances and reduce dependence on […]
Highlighting the urgency of the matter, the International Monetary Fund (IMF) has called on the Nigerian government to prioritize addressing food insecurity. The IMF made this recommendation in its recent End-of-Mission statement following the completion of the IMF Staff 2024 Article IV Mission to Nigeria. The statement, obtained by the New Agency of Nigeria (NAN) […]
The International Monetary Fund is stressing the importance of Nigeria’s government fully implementing its cash transfer program aimed at supporting vulnerable households. In a document titled, “IMF Staff Completes 2024 Article IV Mission to Nigeria,” published on Monday, the IMF highlighted the necessity of this step before addressing costly fuel and electricity subsidies. According to […]
The International Monetary Fund (IMF) has issued a stark warning regarding Nigeria’s economic future, stating that the inflation rate could soar to an unprecedented 44% if significant actions aren’t taken to stabilize the naira’s declining value. In its recent assessment of Nigeria’s post-financing situation, the IMF outlined a troubling scenario where a combination of factors, […]