THE International Monetary Fund (IMF) on Monday lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act...
The commendation is contained in the IMF Article IV Consultation to Nigeria, released on Monday.
The fund said fiscal reform momentum and recent tightening of monetary policy are welcome, adding that major policy adjustments remain necessary to contain short-term vulnerabilities and unlock Nigeria’s growth potential. He said: “High fiscal deficits are complicating monetary policy. Weak non-oil revenue mobilisation led to further deterioration of the fiscal deficit, which was mostly financed by Central Bank of Nigeria overdrafts. The interest payment to revenue ratio remains high at about 60 per cent.”“The team held productive discussions with senior government and central bank officials.
The Fund said that the tightening of monetary policy in January 2020 through higher cash reserve requirements to respond to looming inflationary pressures is welcome.
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