THE International Monetary Fund (IMF) has urged the President Goodluck Jonathan-led administration to remove fuel subsidy completely, to ensure fiscal adjustment.

IMF’s Senior Resident Representative/Mission Chief, Williams Scott Rogers, speaking with the media on Thursday, also insisted that Nigeria requires public sector reforms, stressing that it was necessary for planned savings in recurrent spending.

He also recommended that the Federal Government should mobilise non-oil revenues and strengthen oil-price rule and oil savings mechanism, while pushing for the maintenance of tight monetary policy.

Commenting on the Nigerian banking sector, Rogers gave a pass mark, disclosing that it had improved considerably, as credit to the private sector improved under fully capitalised banks.

Notwithstanding the improvement, the IMF Country Representative advised that more work on consolidated and cross-border supervision should be encouraged, stressing that there was an urgent need for structural reforms to enhance productivity and global competitiveness.

“To this extent, power reform is a quick win for growth and competitiveness,” he said, submitting that trade protection for “infant-industries” should be strictly time-bound, while focus should be on measures to improve competitiveness.

According to Rogers, export diversification was key to long-term growth and improvement in macro-economic statistics, especially in national income accounts.

On the declining oil price in the international market, Rogers called for caution on the part of the Federal Government.

He disclosed that although international reserves had been rebuilt and now stand at just over US$50 billion, a decline in international oil prices to US$97 per barrel (annual average) can erode Excess Crude Account (ECA) balances.

“A decline in international oil prices to $97 per barrel (annual average) would begin to erode ECA balances. A fall to $80 - $85 would wipe out ECA balances within a year,” it warned.[url][/url]http://www.tribune.com.ng/news2013/index.php/en/component/k2/item/11523-only-full-removal-of-fuel-subsidy-will-save-nigeria-imf

IMF again?!

I don't want us taking advice from IMF no matter how 'useful'.

They are evil!!

What does IMF want?

Nigerians haven't recovered from the partly removed one. Little or no positive significant has it had on common Nigerian which contradicted the sermon we received from the ministers before it was removed. Here is the IMF encouraging the FG to remove it all.

Will there be "anything" Nigerians are benefiting from their government at all if there is total removal of subsidy?

@op, this is an important issue to nigerians,frontpage pls

k2kay: THE International Monetary Fund (IMF) has urged the President Goodluck Jonathan-led administration to remove fuel subsidy completely, to ensure fiscal adjustment

If Jonathan remove fuel subsidy, many Yorubas are going to die of Hunger.

Nigeria has not recovered from SAP, yet these IMF and their plant (iweala ) are talking about full subsidy removal. It is just like saying that government should ban generators. What development can' t they do with the money the federal government already has .no be somewhere dem see $ 10 billion to clear soludo mess( banks) . No be the same account dem see 6 billion dollars steal from oil subsidy. No be the same place dem see money to chop 1 billion for aso rock.
Subsidy removal ko, subsidy removal ni.

How about IMF telling GEJ to build refineries If GEJ wants to abort His presidency, then He should go ahead and remove fuel subsidy

wily:wily:

If Jonathan remove fuel subsidy, many Yorubas are going to die of Hunger.

how are they going to die?

sheyguy: how are they going to die?

Living will become too expensive for them, Hunger will then set in and they will start dying.

sheyguy: how are they going to die?

I advise you ignore people who grew up on gari and stolen sweets rather than maternal milk

Too much oily soup is causing mental illness for Yorubas.