Give Us A Break – Presidency Reacts To IMF Report On Nigeria’s Inflation, Poverty
Give Us A Break – Presidency Reacts To IMF Report On Nigeria’s Inflation, Poverty
The Federal Government has kicked against a scathing report by the International Monetary Fund (IMF) raising serious concerns over the country’s economic condition.
The report published on July 7 and titled “How Nigeria Can Unleash Its Economic Potential,” had warned that the impact of government’s policies had been slow in reducing inflation, tackling poverty, or strengthening investor confidence.
The Fund noted that inflation remained persistently above 20 per cent, food insecurity had deepened, and recommended firmer monetary policy, effective budgetary discipline, and better redistribution of fuel subsidy savings into critical infrastructure and social safety nets.
The country needs stronger and more sustained growth to lift millions out of poverty and food insecurity,” the IMF stated, while also encouraging the Federal Government to align its tax rates with regional benchmarks once the national cash transfer system is fully functional.
However, in reacting to the IMF’s remarks, the Special Adviser to the President on Economic Affairs, Tope Fasua, faulted the tone and timing of the Fund’s message, describing it as both discouraging and destabilising.
Speaking on Channels Television’s The Morning Brief on Tuesday, Fasua said:
“This administration under President Tinubu has done some of the deepest reforms that we have seen in a while. We only just got the tax bills signed into law—bills that offer relief to low-income earners and double the tax threshold for small businesses.
