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LequteMan
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Nigeria - The International Monetary Fund has urged Nigeria to remove fuel subsidy as the country moves to increase its dwindling revenue caused by the oil price crash, New Telegraph reports.
With the crash of oil prices in the international market by almost 50 per cent, this is the time for Nigeria to completely remove fuel subsidies, Director of the International Monetary Fund (IMF) African Department, Ms. Antoinette Sayeh, has advised. She made this call yesterday at the Africa Region press conference while fielding questions from journalists at the ongoing 2015 Spring Meetings of the World Bank and the IMF.
Sayeh’s advice tallied that of Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who had last Thursday at the 5th Africa Debt & Capital Markets conference in Washington D.C., United States, also advised the presidentelect, Muhammadu Buhari, to move subsidies “now that prices are lower.”
The IMF Director said: “This is the time the Nigerian government has to deal with the subsidy issue – now that the prices of oil have fallen because when prices rise it would be very difficult to remove subsidies. “But to achieve this, the government actually has to make sure and convince the people that the savings in subsidy would be used to improve the lives of the citizens. This is what they need to do to make it politically feasible to remove fuel subsidy.”
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#Nigeria
With the crash of oil prices in the international market by almost 50 per cent, this is the time for Nigeria to completely remove fuel subsidies, Director of the International Monetary Fund (IMF) African Department, Ms. Antoinette Sayeh, has advised. She made this call yesterday at the Africa Region press conference while fielding questions from journalists at the ongoing 2015 Spring Meetings of the World Bank and the IMF.
Sayeh’s advice tallied that of Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who had last Thursday at the 5th Africa Debt & Capital Markets conference in Washington D.C., United States, also advised the presidentelect, Muhammadu Buhari, to move subsidies “now that prices are lower.”
The IMF Director said: “This is the time the Nigerian government has to deal with the subsidy issue – now that the prices of oil have fallen because when prices rise it would be very difficult to remove subsidies. “But to achieve this, the government actually has to make sure and convince the people that the savings in subsidy would be used to improve the lives of the citizens. This is what they need to do to make it politically feasible to remove fuel subsidy.”
click here to read more
#Nigeria