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Home Business & Finance

IMF Clarifies Stance On NIgeria’s Fuel Subsidy Removal

Nnaemeka OkwarabyNnaemeka Okwara
October 25, 2024
in Business & Finance
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International Monetary Fund Projects Nigeria’s Economy to Grow by 3.2% in 2025
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The International Monetary Fund (IMF) has denied claims that it influenced Nigeria’s decision to end fuel subsidies. Abebe Selassie, Director of the IMF’s African Region, said the decision was entirely made by Nigeria’s President Bola Tinubu and his team.

At a meeting in Washington DC with the IMF and World Bank, Selassie explained that the IMF’s role in Nigeria’s economy is very limited. “We only have regular conversations with Nigeria, just like we do with other countries,” he said.

The IMF understands that Nigeria needs more investment in important areas like healthcare, infrastructure, and education. Selassie supports the Nigerian government’s plan for long-term economic growth and believes it’s crucial to use public resources wisely.

However, he recognized that removing subsidies would have major social effects and suggested increasing social support programs to lessen the impact on vulnerable Nigerians.

Tags: federal characterfuel subsidyImfIMF Clarifies Stance On NIgeria’s Fuel Subsidy RemovalNewsNigeria
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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