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IMF List Solutions to Nigeria’s Economic Crisis

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IMF Executive directors have welcomed the Nigeria’s policy agenda and suggested the following as utmost solutions to the lingering economic crisis in the country.

– Enhancement of transparency, strengthening governance, improving security, and creating jobs

– The critical need to raise non oil revenues to ensure fiscal sustainability while maintaining infrastructure and social spending.

– Gradual increase in the VAT rate, further improvements in revenue administration, and a broadening of the tax base

IMF, once again, called for a flexible exchange rate system and raised concerns over Nigeria’s inflation objective saying the policy approach of expansionary monetary policy, together with a relatively fixed exchange rate and exchange restrictions had adversely impacted economic activity.

Farouk Mohammed

Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng
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