RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Fuel subsidy: IMF reluctant to interfere with Nigeria’s decision.

Rate Captain by Rate Captain
April 17, 2023
in Economy
Reading Time: 2 mins read
A A
0
Maintain Tight Monetary Policy to Check Inflation, IMF Tells CBN.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The International Monetary Fund, IMF, has expressed disapproval of subsidy policies for certain commodities in Nigeria, Kenya and other countries in Sub-Saharan Africa, giving reasons why it should be scrapped.

Speaking to the media at the just concluded World Bank and IMF Spring meetings in Washington DC, USA, Mr Abebe Selassie, Director, African Department of the IMF, however, indicated that the institution would not interfere with the choices of countries regarding subsidies.

AlsoRead

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

DSS Debunks CBN Governor Arrest Claims.

President Tinubu Suspends CBN Governor, Godwin Emefiele

He stated: ‘‘The benefits of such subsidies tend to accrue to richer segments of the society, and in a world where we still have elevated levels of poverty and with levels of development challenges, I’m not sure that this is the best use of resources.

However, what we asked them to do, and what is important is that the cost of this fuel subsidy is rather than being left as off-balance sheet it should be included in the regular fiscal appropriation process so that the trade-offs that the government is making is clear and transparent.

‘‘Now, how governments do this,  the extent of the fuel subsidies, of course also varies with global international market prices.

‘‘You know that whether to subsidize or not and to what extent, obviously is a very deeply domestic and deeply political issue. If governments want to do that, that’s fine. But we think it’s sub-optimal, as I said, for reasons I explained earlier that the benefits of subsidies tend to accrue to richer households.

‘‘We know, of course, in Nigeria that fuel subsidies have eaten up tremendous, tremendous amount of resources, at the same time that the government doesn’t have resources to address the huge investment needs, from health to education, to infrastructure. But this is a choice for Nigerian government and Nigerian civil societies to make.

‘‘We’ve also heard the discussion that’s going on the debate that’s going on, on whether this is ideal. We try and inform that debate with statistics and with practices elsewhere, but I think that’s our role.

Previous Post

Guaranty Trust records N214.2b pre-tax profit.

Next Post

Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts.

Related News

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

by Rate Captain
June 10, 2023
0

President Tinubu's recent suspension of the Governor of the Central Bank of Nigeria (CBN), as reported earlier, has sparked concerns...

DSS Debunks CBN Governor Arrest Claims.

DSS Debunks CBN Governor Arrest Claims.

by Rate Captain
June 10, 2023
0

Following the sudden suspension of Central Bank of Nigeria (CBN) Governor Godwin Emefiele by President Bola Tinubu on Friday, unconfirmed...

President Tinubu Suspends CBN Governor, Godwin Emefiele

President Tinubu Suspends CBN Governor, Godwin Emefiele

by Rate Captain
June 10, 2023
0

President Bola Tinubu has taken the decision to suspend Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria...

Nigeria Earned N25.64 Trillion from Oil Taxes in 12 Years.

Nigeria Earned N25.64 Trillion from Oil Taxes in 12 Years.

by Rate Captain
June 9, 2023
0

In a recent report titled "Tax-To-GDP Ratio," the National Bureau of Statistics (NBS) has unveiled staggering figures indicating that Nigeria...

Next Post
Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts.

Angry Tesla Shanghai workers vent to Elon Musk over bonus cuts.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

June 10, 2023
DSS Debunks CBN Governor Arrest Claims.

DSS Debunks CBN Governor Arrest Claims.

June 10, 2023

Popular Story

  • Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    Unjust Suspension of CBN Governor Raises concerns about the independence of the CBN

    0 shares
    Share 0 Tweet 0
  • DSS Debunks CBN Governor Arrest Claims.

    0 shares
    Share 0 Tweet 0
  • President Tinubu Suspends CBN Governor, Godwin Emefiele

    0 shares
    Share 0 Tweet 0
  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Nigeria Earned N25.64 Trillion from Oil Taxes in 12 Years.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
?>