The International Monetary Fund (IMF) has warned that the country’s exchange rate may depreciate further by about 35 percent this year and contribute to a sharp rise in inflation, peaking at 44 per cent before the monetary policy could eventually arrest the situation through tightening.

The fund disclosed this in its February 2024 Post–Financing Assessment and Staff Report.

It noted that monetary policy is currently insufficiently tightened to bring inflation below 20 per cent while pressures on the Naira persist.

The report noted that amid the absence of local production and the recent liberalisation of commodity imports, the exchange rate would likely depreciate further.

IMF said Nigeria had been hit by another adverse climate shock in early 2024 – following severe flooding in late 2022- that exacerbated the current weakness in agriculture and led to a decline in output and a surge in food prices.

According to the Bretton Woods institution, the country would benefit from developing a comprehensive macroeconomic and growth strategy, in collaboration and with support from development partners.


Nigeria May End Up with IMF 'Unwillingly' If It Fails to Address Fiscal Challenges, Says…
Fuel Subsidy May Hit N6trn in 2022, IMF Warns Nigeria
This, it said, would include aggressive monetary tightening, fiscal adjustment to restore macroeconomic stability, and putting in place climate adaptation measures.

It stressed that domestic demand had weakened due to the steep fall in real incomes – as investments in the oil sector would likely stall due to rising costs, and production declines.

The fund further predicted that the country’s growth could fall to zero in 2024 and only slowly recover to two per cent in 2028.

It said the uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.

The publication further stated that the fiscal deficit could increase above six per cent of GDP in 2024 and 2025, driven in part by increased transfers to quell social unrest (one per cent of GDP) and a rise in the implicit fuel subsidy.

IMF Predicted that, “With limited external financing options and higher expenditures, there is increasing use of CBN and domestic financing. The authorities implement expenditure measures in 2026, for example, phasing out the implicit fuel subsidy but the debt to GDP ratio still rises by six percentage points above the baseline by 2028.

“The spike in inflation and rise in uncertainty trigger portfolio outflows, and Nigeria is unable to access Eurobond financing. Reserves decline to $17 billion in 2025. Obligations due under the RFI peak at over eight per cent of officially reported reserves.

“Nigeria would be able to repay the fund, even in the downside scenario. This assumes that the authorities continue to prioritise external debt service. However, debt service would compete directly with urgent humanitarian needs to tackle rising poverty and food insecurity that would need to be prioritised.

“Therefore, even assuming the authorities reserve the remaining SDR allocation for RFI repayments, trade-offs could be severe.

“The uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.”


https://www.arise.tv/imf-warns-naira-may-experience-further-35-depreciation-in-2024-due-to-local-production-challenges/

What is the way out of this mess? Are we doomed

Tinubu, in his campaign promises, said he would continue from where Buhari stopped.

In other words premium level of shege and ebbin pawa

Ok

Massiveglory:
In other words premium level of Ebbin pawa

Only a pathetic fool would believe that hunger is peculiar to a region if you like remain silent till 2037 we know you are feeling the heat harder than any other part of the nation 😜

KingKO22:


Only a pathetic fool would believe that hunger is peculiar to a region if you like remain silent till 2037 we know you are feeling the heat harder than any other part of the nation 😜

Relax bro. Save your strength and insult. You'll need them soon. Before the end of march you will pull off your shokoto , throw way your shoe, and lead the revolution protest.

KingKO22:


Only a pathetic fool would believe that hunger is peculiar to a region if you like remain silent till 2037 we know you are feeling the heat harder than any other part of the nation 😜

Without the pathetic fools, cant you wise ones protest to end the tribulation before 2037? Must you wait for the pathetic fools before you do your protest?

Hahaha...

Make I go wipe the remaining worthless Naira comot from my account and stock trading platform.

Rubbish.

The Zimbabwean Dollar will be smiling at the Naira sheepishly.

See as God and karma decide to disgrace Tinubu before the entire world.

Even aboki wey dey shine shoe go dey yimu Yorubas now after their "Best" don scatter the economy.

What a tale. What a generational shame.

What exactly will happen if Nigeria does not prioritize loan refund.....will IMF take over Nigeria??
People dey suffer...una dey focusing virtually all ur earning on loan repayment .....

At this point ...make IMF wait oooo.... We no dey run....Dem go collect their loan back for 2097....

We nor get time for loan refund noww

Massiveglory:


Relax bro. Save your strength and insult. You'll need them soon. Before the end of march you will pull off your shokoto , throw way your shoe, and lead the revolution protest.

God provides for my needs and not igbos

Hundreds of Igbos that are working in my company are thanking God for the immense opportunities in SW otherwise they would have turned to cannibalistic pigs 😜😜😜😜

On your mandate scoundrels hiding behind their dirty keyboards

Massiveglory:
In other words premium level of shege and ebbin pawa

$5000 to N1 naira loading before summer holiday....

No shaking, we gallant. Even if $1 = #20,000 , we go still dey do child dedication.

These goons of bretton woods institution will run down this country to its knees,now they have Tinubu their puppet in place,they keep dishing out advices that will strangulate our already dying economy. Tinubu must stand his ground against these neo-imperialistic institutions,they mean no good for us.

KingKO22:


God provides for my needs and not igbos

Hundreds of Igbos that are working in my company are thanking God for the immense opportunities in SW otherwise they would have turned to cannibalistic pigs 😜😜😜😜

Hahahaha...
So you know God now. Ebbinpawa don reset your brain and bring you to God.
That is good to know. Unfortunately God hates tribslist . He hates evil

I assure, no matter where you are, you will reap what you sowed.
You must hit the street.

Omooba77:
The International Monetary Fund (IMF) has warned that the country’s exchange rate may depreciate further by about 35 percent this year and contribute to a sharp rise in inflation, peaking at 44 per cent before the monetary policy could eventually arrest the situation through tightening.

The fund disclosed this in its February 2024 Post–Financing Assessment and Staff Report.

It noted that monetary policy is currently insufficiently tightened to bring inflation below 20 per cent while pressures on the Naira persist.

The report noted that amid the absence of local production and the recent liberalisation of commodity imports, the exchange rate would likely depreciate further.

IMF said Nigeria had been hit by another adverse climate shock in early 2024 – following severe flooding in late 2022- that exacerbated the current weakness in agriculture and led to a decline in output and a surge in food prices.

According to the Bretton Woods institution, the country would benefit from developing a comprehensive macroeconomic and growth strategy, in collaboration and with support from development partners.


Nigeria May End Up with IMF 'Unwillingly' If It Fails to Address Fiscal Challenges, Says…
Fuel Subsidy May Hit N6trn in 2022, IMF Warns Nigeria
This, it said, would include aggressive monetary tightening, fiscal adjustment to restore macroeconomic stability, and putting in place climate adaptation measures.

It stressed that domestic demand had weakened due to the steep fall in real incomes – as investments in the oil sector would likely stall due to rising costs, and production declines.

The fund further predicted that the country’s growth could fall to zero in 2024 and only slowly recover to two per cent in 2028.

It said the uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.

The publication further stated that the fiscal deficit could increase above six per cent of GDP in 2024 and 2025, driven in part by increased transfers to quell social unrest (one per cent of GDP) and a rise in the implicit fuel subsidy.

IMF Predicted that, “With limited external financing options and higher expenditures, there is increasing use of CBN and domestic financing. The authorities implement expenditure measures in 2026, for example, phasing out the implicit fuel subsidy but the debt to GDP ratio still rises by six percentage points above the baseline by 2028.

“The spike in inflation and rise in uncertainty trigger portfolio outflows, and Nigeria is unable to access Eurobond financing. Reserves decline to $17 billion in 2025. Obligations due under the RFI peak at over eight per cent of officially reported reserves.

“Nigeria would be able to repay the fund, even in the downside scenario. This assumes that the authorities continue to prioritise external debt service. However, debt service would compete directly with urgent humanitarian needs to tackle rising poverty and food insecurity that would need to be prioritised.

“Therefore, even assuming the authorities reserve the remaining SDR allocation for RFI repayments, trade-offs could be severe.

“The uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.”


https://www.arise.tv/imf-warns-naira-may-experience-further-35-depreciation-in-2024-due-to-local-production-challenges/

This is selective reporting.

In fact the report forecast an upside 17% inflation rate by year end. See No 6

Read full report here https:///7OblN2FyfI
Extracts attached below.

Which IMF again?
Is it the same IMF that led us to where we are now or another IMF?
These organizations are not interested in any of our progress.
They have been advising successive governments to remove subsidies and float the naira.
Their advises were followed and it brought us to where we are today, the same IMF is coming out to say this again.
Hypocrisy!

Sharp

@yarimo i thought that this hardship is temporal? E still dey get worse oo, When things wan better abeg just give me time range abeg?

KingKO22:


Only a pathetic fool would believe that hunger is peculiar to a region if you like remain silent till 2037 we know you are feeling the heat harder than any other part of the nation 😜

Did he mention any region in his post? Is it guilty conscience that is pricking you.

KingKO22:


God provides for my needs and not igbos

Hundreds of Igbos that are working in my company are thanking God for the immense opportunities in SW otherwise they would have turned to cannibalistic pigs 😜😜😜😜

Oct last you were looking for a job in PH. Today you employ hundreds of imaginary igbos. Like agbado crooner like his minions.

[b]Jobs/Vacancies / Re: Is This Employment Letter Genuine? (pics) by KingKO22: 1:12pm On Oct 13, 2023
God of mercy. I experienced almost same scenario last month.
Also from my cousin who stays and works in Lagos as AC Engineer and earn about 300k in one of the biggest hospital in Lag Island.

Suddenly, my cousin called me from PHC and told me he has gotten a new job and they pay $200 per week. Waaw. I wished him well. The following week, he called and asked if I would like to join the company too. I was already anticipating though I love the company that I'm working with but that $200 weekly plus 2 daily meals and accommodation packaged he mentioned were irresistible and he mentioned the name of the company as Siemens group of companies that specialized in but what pissed me off was that he said I would pay 600k for my medical, Nigeria passport and other things. Immediately I hear that i was totally skeptical but my cousin that I stayed with him in Lagos for years. Would he scammed me? Not possible. I knew he has been scammed but I just wanted to be sure what's going on. So I arranged the money and sent my CV. To my utter astonishment, the following day, I received a called that I should come for interview. Hoo!! And the interview was the day I suppose to be on duty in my place of work. All in all, I reached there on Sunday and he asked he to alright at Rumuokoro under bridge. I lodged in Hotel. The following day, he gave me address to come to one Market Junction after a celestial church. Omo when I reached there. I saw men in suit. They all looked great but the only thing I can sense was that some of their staffs or agents look client and not staff bcs everyone who brought a new member always stay with the member even enter the same room with the interviewee. Deep in my mind I was very sure that this is not a legitimate company or setup but I just wanted to be sure so that I won't blame myself latter.
My people, the moment I entered with my cousin and I submitted my the interviewer was the one doing the talking I was like oooo. He talked about how they recruit for Siemens and train people until they have enough experience and bla bla. At the end, he said I should pay the 600k for my feeding and accommodation bla bla bla. Asked that for how long would my training last. He said till Siemens need someone in my are of specialization. I just smile 😂
I realized that many people are already in this bandage thinking they have gotten a job.
Till now my cousin is still under training 😂

I japa immediately. But unfortunately, cousin has been brainwashed
(Quote) (Report) 1 Like (Like) (
[/b][/b][color=#000099][/color]

Note two words
Local production

Liberalization of imports

a4cube:


Oct last you were looking for a job in PH. Today you employ hundreds of imaginary igbos. Like agbado crooner like his minions.

[b]Jobs/Vacancies / Re: Is This Employment Letter Genuine? (pics) by KingKO22: 1:12pm On Oct 13, 2023
God of mercy. I experienced almost same scenario last month.
Also from my cousin who stays and works in Lagos as AC Engineer and earn about 300k in one of the biggest hospital in Lag Island.

Suddenly, my cousin called me from PHC and told me he has gotten a new job and they pay $200 per week. Waaw. I wished him well. The following week, he called and asked if I would like to join the company too. I was already anticipating though I love the company that I'm working with but that $200 weekly plus 2 daily meals and accommodation packaged he mentioned were irresistible and he mentioned the name of the company as Siemens group of companies that specialized in but what pissed me off was that he said I would pay 600k for my medical, Nigeria passport and other things. Immediately I hear that i was totally skeptical but my cousin that I stayed with him in Lagos for years. Would he scammed me? Not possible. I knew he has been scammed but I just wanted to be sure what's going on. So I arranged the money and sent my CV. To my utter astonishment, the following day, I received a called that I should come for interview. Hoo!! And the interview was the day I suppose to be on duty in my place of work. All in all, I reached there on Sunday and he asked he to alright at Rumuokoro under bridge. I lodged in Hotel. The following day, he gave me address to come to one Market Junction after a celestial church. Omo when I reached there. I saw men in suit. They all looked great but the only thing I can sense was that some of their staffs or agents look client and not staff bcs everyone who brought a new member always stay with the member even enter the same room with the interviewee. Deep in my mind I was very sure that this is not a legitimate company or setup but I just wanted to be sure so that I won't blame myself latter.
My people, the moment I entered with my cousin and I submitted my the interviewer was the one doing the talking I was like oooo. He talked about how they recruit for Siemens and train people until they have enough experience and bla bla. At the end, he said I should pay the 600k for my feeding and accommodation bla bla bla. Asked that for how long would my training last. He said till Siemens need someone in my are of specialization. I just smile 😂
I realized that many people are already in this bandage thinking they have gotten a job.
Till now my cousin is still under training 😂

I japa immediately. But unfortunately, cousin has been brainwashed
(Quote) (Report) 1 Like (Like) (
[/b][/b][color=#000099][/color]

his a shameless liar

Contriman:
his a shameless liar

We know them. Ikorodu billionaires.