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Remove Fuel And Electricity Subsidies – IMF Mission Tells Nigerian Governemt

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The International Monetary Fund (IMF) Article IV Staff Mission has advised the President Muhammadu Buhari administration to completely discard with fuel and electricity subsidies in Nigeria.

This formed the highlight of the concluding statement of the Article IV staff Mission to Nigeria, released yesterday.

It said, “The complete removal of regressive fuel and electricity subsidies is a near-term priority, combined with adequate compensatory measures for the poor.

“The mission stressed the need to fully remove fuel subsidies and move to a market-based pricing mechanism in early 2022 as stipulated in the 2021 Petroleum Industry Act.

“In addition, the implementation of cost-reflective electricity tariffs as of January 2022 should not be delayed.”

The staff, however, called for   a   “Well-targeted social assistance” to cushion negative impacts on the poor particularly in light of still elevated inflation.

While projecting a fiscal deficit of as wide as 6.3 per cent of the Gross Domestic Product (GDP), the mission also advised the federal government to implement revenue-based fiscal consolidation.

“The headline fiscal deficit is projected to worsen in the near term and remain elevated over the medium term.

 

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