Tag: IMF

<strong>Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG</strong>

19Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG

The International Monetary Fund, IMF, has advised the federal government to raise the Value Added Tax, VAT, from its present 7.5 percent to 15 percent. The organisation disclosed this in a statement issued at the end of its Article IV Staff mission held in Washington on Friday. It also suggested that Nigeria totally abolished fuel subsidies, which it argued favours mostly the rich at the detriment of the poor Nigerians and holistically tackle oil theft. Missions are usually held as part of regular consultations under Article IV of the IMF’s Articles Agreement, in the context of a request to use IMF resources (borrowed from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments, Vanguard reports. The IMF r...

Why Food Prices Will Increase In Nigeria – IMF

11Oct

By Mary UgwuanyiNo Comments

Finance, News

Why Food Prices Will Increase In Nigeria – IMF

The International Monetary Fund, IMF, has warned that climate change and floods in the country may lead to an increase in food prices. This indication was given by the IMF African Department official, Mai Farid, on Monday during a session on ‘Climate Change and Food Insecurity in Sub-Saharan Africa’. Farid said the IMF was abreast of the impact of the floods on communities in Nigeria and other neighbouring countries. She said, “We recognise Chad and Cameroon have also been hit. The supply of agricultural production is going to drop which will put even further pressure on prices. “The floods have affected some of the transportation networks which makes it even harder for food to transfer into the country or even out.” The IMF chief called on governments in Sub-Saharan Af...

ASUU To FG: You Are Slave Merchants to IMF

21Feb

By Chinedu IbeakanmaNo Comments

Economy, Education, Finance, News, Nigeria

ASUU To FG: You Are Slave Merchants to IMF

Academic Staff Union of Universities (ASUU) has described the federal government of Nigeria and the President Muhammadu Buhari-led administration as slave merchants. The union said the federal government led by Buhari only listens and implements destructive policy recommendations of the International Monetary Fund (IMF) and World Bank against the interest of the citizens. The union maintained that the government treats lecturers like slaves because of poor policies formulated and implemented in the education sector. ASUU Chairman at the University of Ibadan, Professor Ayo Akinwole made these disclosures in a statement made available to DAILY POST in Ibadan on Sunday. The Academic Staff Union of Universities (ASUU) had last week commenced a one-month warning strike. ...

Return of Fuel Subsidies Disturbing, IMF Tells FG

18Jun

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria, Petroleum

Return of Fuel Subsidies Disturbing, IMF Tells FG

In a virtual meeting with the representatives of the Federal Government, the mission of the International Monetary Fund stated that the resurfacing of fuel subsidies was concerning. The IMF mission led by Jesmin Rahman, according to a press release, expressed its concerns about rising fuel subsidies to the Nigerian authorities during a virtual meeting. The Fund also stressed the importance of introducing market-based fuel pricing mechanisms and the need to deploy well targeted social support to cushion any impact on the poor. The mission commended the Central Bank of Nigeria for merging taking the official exchange rate to the NAFEX window. However, they recommended the unification of all exchange rate windows and establishing a market-clearing exchange rate. On monetary pol...