IMF to Nigeria: remove fuel subsidy
The International Monetary Fund yesterday repeated its age-long advice to Nigeria – remove fossil fuel subsidy and deploy savings from the scheme to fix social infrastructure.
She urged Nigeria to establish Social protection Safety Net to help the government meet the needs of people at the lower cadre of the society. About $5.2 trillion has so far been sent on fuel subsidies and the consequences thereof, according to her. She called for more public spending being made available to build hospitals, roads, schools and to support education and health for the people. “Now, how this is done is the more complicated path because there has to be a social protection safety net that is in place so that the most exposed in the population do not take the brunt of those removal of subsidies principle.“So that is the position we take.
On global economic growth, Ms Lagarde said the forecast for this year is 3.3 percent. “But we contend that we are at a delicate moment. And this expected rebound from 3.3 in 2019 to 3.6 in 2020 is precarious and subject to downside risks, ranging from unresolved trade tensions, high debt in some sectors and countries, both public and corporate.”
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