IMF tasks Nigeria on framework to tackle inflation
The International Monetary Fund (IMF) has called for a stronger operational framework and price stability to combat inflation in Nigeria.
IMF Resident Representative for Nigeria, Ari Aisen, said this in his keynote address at the Financial Markets Dealers Association’s (FMDA) quarterly meeting on Friday in Lagos.
The FMDA quarterly meeting with the theme: “Nigeria Macroeconomic Developments and Outlook: IMF View,” was hosted by the First Bank of Nigeria Ltd.
Mr Aisen said focusing on price stability was needed to tackle the country’s high inflation.
Speaking on the IMF policy recommendations to safeguard financial stability, he stressed the need for regulatory vigilance and timely actions against undercapitalised banks.
According to him, the introduction of additional macro prudential instruments are essential for financial stability.
He expressed concern over the structural challenges in Nigeria, noting that more efforts were needed to reduce corruption vulnerabilities.
Mr Aisen called for improvement in government efficiency, initiating civil service reforms and ensuring accountability of COVID-19 spending.
He said, “more domestic revenue mobilisation is needed to reduce fiscal vulnerabilities and create policy space.”
Mr Aisen urged the federal government to ensure permanent removal of fuel subsidies in line with the Petroleum Industry Act to boost revenue.
He, however, said compensatory measures for the poor should be in place to mitigate the effects of subsidy removal.
On exchange rate, Mr Aisen called for a unified and market-clearing exchange rate to strengthen the external reserve.
This, according to him, will be achieved through complementary macro-economic structural policies to preserve competitiveness gains from any exchange rate adjustment.
He noted that the COVID-19 and Russian/Ukraine war had affected food prices all over the world, and required bold trade and agricultural reforms for inclusive recovery.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Speaking to reporters after the court session, Mr Shehu-Usman denied the allegation of receiving a bribe.
Mr Lawan, a sixth-term federal lawmaker, had resorted to returning to the Senate after failing to secure his party’s presidential ticket at the June 8 primary election.
The partnership is geared toward improving the learning conditions for 250 million students by 2025.
Mr Haliru, a public servant, told the court on Thursday that his wife has been having extramarital affairs for about one year now.
When the case came up for re-arraignment on Thursday, Mr Geng sought for an adjournment to enable him to engage a lawyer to represent him.
Mr Nasir, 30, a resident of Suleja, Niger, was convicted and sentenced after pleading guilty to theft.