The International Monetary Fund, IMF yesterday said that the ongoing economic reforms in Nigeria must be holistic to produce the right impact in terms of curbing inflation and improving welfare.
The IMF also commended the decision of the Central Bank of Nigeria, CBN, to remove the foreign exchange restrictions on 43 items, saying such restrictions create ‘unhelpful distortions’
Abebe also said that Nigeria’s debt stock was manageable generally, and there was no debt discussions that are going on, debt profiling or debt restructuring on Nigeria, “While there is not enough tax revenue, I think in the past reliance on oil when prices were high and second is the subsidy regime which also implies and entails lots of government resources being directed where they should not be.
“So, a holistic package of reforms is what is needed and we have to give a bit of time to the new administration also. The CBN governor has just been appointed, and the Minister of Finance has only been appointed a few weeks. So we are hopeful that they will move in the right direction and we stand to provide every policy advice that the government needs.
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