Reduced oil revenue: Nigeria moving in the right direction, says IMF

Posted by News Express | 27 November 2014 | 2,433 times

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The International Monetary Fund (IMF) has thrown its weight behind strategies announced by Nigeria to deal with the decline in global oil prices.

The IMF Mission Chief for Nigeria, Mr. Gene Leon, said in a statement issued yesterday in Abuja: “In a combination of actions, most recently the communiqué after the Central Bank of Nigeria’s Monetary Policy Committee meeting of November 24-25, the authorities have announced a set of policies aimed at mitigating the impact of the recent significant fall in global oil prices on the economy. These include: adjusting the exchange rate, resubmitting the Medium Term Expenditure Framework to the National Assembly with proposed tax and expenditure measures to achieve the deficit target consistent with a lower budget oil price, and tightening monetary policy.

“We are supportive of and welcome these actions, which we view as complementary and moving in the right direction. Of course, the global situation remains fluid and the key issue is being ready to manage downside risks and for the authorities to be prepared, based on assessments of credible scenarios, to consider additional measures, as necessary.”

•Photo shows IMF Mission Chief for Nigeria, Mr. Gene Leon.

Source: News Express

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