Zainab Ahmed, the minister of finance, budget and national planning, announced the fiscal stimulus measures to be carried out by the federal government in response to COVID-19 pandemic. Briefing journalists in Abuja on Monday, Ahmed said the measures would be in addition to the interventions already announced by the Central Bank of Nigeria. Here are nine measures listed by the finance minister: ENGAGE 774,000 NIGERIANS According [...]
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The International Monetary Fund and the World Bank Group have asked official bilateral lenders to suspend debt repayments from International Development Association (IDA) countries. The Bretton Wood institutions made the request in a joint statement released on Wednesday. The International Development Association is an international financial institution which offers concessional loans and grants to the world's poorest developing countries. "The coronavirus outbreak is [...]
The International Monetary Fund has warned that the global economy could suffer a severe recession “at least as bad during the 2008 global financial crisis or worse" in 2020. Cases of coronavirus have been reported in 195 countries and territories across the world. Kristalina Georgieva, IMF managing director, made these comments after a phone call of G20 finance ministers and central bank [...]
The International Monetary Fund (IMF) has commended the Nigerian government for fighting corruption and carrying out tax audits. Speaking to some journalists, TheCable inclusive, on the sidelines of the ongoing annual meetings of the IMF and World Bank Group, Cathy Pattillo, assistant director of IMF's fiscal affairs department, urged Nigeria to do more. "We are welcoming the growth and recovery plan and [...]
Amine Mati, a senior resident representative with the International Monetary Fund (IMF) and mission chief for Nigeria, says an increase in value-added tax is a step in the right direction for the country as it will contribute to declining revenue. The federal executive council recently approved an increase in VAT to 7.2% and the 2020 budget submitted by President Muhammadu Buhari [...]
The mere mention of 'fuel subsidy' in Nigeria raises ears; add 'removal of' as prefix to the two words and there you have chaos. Despite being 5,418 miles away from Lagos, reporting the World Bank/International Monetary Fund meetings for TheCable from Washington DC, I still felt the sting of the brief fuel scarcity episode last week. IMF and subsidy As usual, journalists from [...]
The International Monetary Fund says Nigeria's economy will expand a little faster than its earlier projection. In the World Economic Outlook report released on Tuesday at the ongoing spring meetings of the IMF and World Bank Group, the fund said Nigeria's economy will grow by 2.1% in 2019, an increase of 0.1% points from the 2% projection given in January. In the [...]
In a widely expected move, the Central Bank of Nigeria (CBN) has left interest rates unchanged at 14% for January. Signs of rising inflationary pressures are likely to fuel speculation over the central bank tightening monetary policy, especially as government spending increases ahead of the presidential elections. With rising inflation in Nigeria seen threatening the Naira exchange and economic stability, the [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves. Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment. "We are going to need to build buffers but unfortunately I must say that we are [...]
Zainab Ahmed, minister of finance, says that the federal government has asked the International Monetary Fund for help in getting taxes from large oil companies. Ahmed told journalists on Friday that the federal government's decision is to curb financial outflows from the sector. "The G24 meeting was chaired by the vice president of the World Bank representing the president of the World [...]
The International Monetary Fund (IMF) has suggested ways that Nigeria can boost its revenue outside crude oil to reduce the country's reliance on lending. Speaking at her maiden press conference for the ongoing annual meetings of the IMF and World Bank Group, Christine Lagarde, IMF managing director, recommended a tight monetary policy. "I would certainly start with a tight monetary policy, higher [...]
Nigeria has been ranked 152 out of 157 countries in the first-ever Human Capital Index released by the World Bank Group. Unveiling the report on Thursday at the ongoing annual meetings of the World Bank Group and International Monetary Fund (IMF) in Bali, Jim Yong Kim, World Bank president, said educational outcomes from Nigeria are too poor. "Nigeria, unfortunately, ranks 152 out of [...]
Participants at the ongoing annual meetings of the International Monetary Fund and World Bank Group in Bali, Indonesia, were awakened by vibrations in the early hours of Thursday. Bali, a popular tourist destination in Indonesia is seven hours ahead of Nigeria. In a statement released few hours after the vibrations, the IMF assured participants that the earthquake has not disrupted the meetings. "A [...]
Tony Elumelu, chairman of Heir Holdings, says government policies have been making it hard for African youth to succeed in their endeavours. Speaking on Thursday at a session of the ongoing Spring meetings of the International Monetary Fund and World Bank Group, Elumelu said governments of African countries need to prioritise their youth. He described youth as "determined, energetic, hungry to succeed and make [...]
The International Monetary Fund (IMF) says infrastructure governance can't improve in Africa if the recommended framework is not implemented. Two officials of the organisation made the comments on Wednesday during a session titled 'Public Investment Efficiency in Sub-Saharan African Countries: What Lies Ahead?' at the ongoing Spring meetings in Washington DC. The officials are Ha Vu, a public financial management specialist at the [...]
Catherine Pattillo, assistant director, fiscal affairs department of the International Monetary Fund (IMF), has advised Nigeria to remove tax exemptions because the economy is still at risk. Answering questions from journalists on the sidelines of the ongoing Spring meeting of the Bretton Wood institution, she said Nigeria needs to increase its revenue base because debt interests are eating up most of [...]
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