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IMF Urges Nigeria To Reduce Debt Vulnerabilities - Politics - Nairaland

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IMF Urges Nigeria To Reduce Debt Vulnerabilities by ogododo: 11:09am On Dec 12, 2020
The International Monetary Fund has said it is important for Nigeria to ensure significant revenue mobilisation to reduce its debt vulnerabilities.

It also said while the country’s economy was expected to begin its recovery process in 2021, it was expected to experience more recovery in 2022.

The organisation said these on Friday in a statement titled ‘IMF staff completes 2020 article IV mission to Nigeria’.

Part of the statement read, “Significant revenue mobilisation – including through tax policy and administration improvements – is required to create space for higher social spending and reduce fiscal risks and debt vulnerabilities.


“With high poverty rates and only a gradual recovery in prospect, revenue mobilisation will need to rely initially on progressive and efficiency-enhancing measures, with higher VAT and excise rates awaiting until stronger economic recovery takes root.”

The IMF noted that the country’s real Gross Domestic Product was contracting, inflation was increasing, and external vulnerabilities remained large.

Exchange rate and monetary policy reforms, increased revenue mobilisation and structural reforms would help to unlock Nigeria’s growth potential, it added.


It said, “The COVID-19 global pandemic is exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.

“Low oil prices and sharp capital outflows have significantly increased balance of payments pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment.

“Supply shortages have pushed up headline inflation to a 30-month high. Under current policies, the outlook is challenging. Real GDP is projected to contract by 3.4 per cent in 2020.


“The recovery is projected to start in 2021, with subdued growth of 1.5 per cent and output recovering to its pre-pandemic level only in 2022.”

The IMF emphasised the need for major policy adjustments and embracing broad market reforms.
https://punchng.com/imf-urges-nigeria-to-reduce-debt-vulnerabilities/

1 Like

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by YoonSung72: 11:14am On Dec 12, 2020
I pray we don't become slaves later

4 Likes

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nobody: 11:22am On Dec 12, 2020
Good morning

1 Like 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nazgul: 11:22am On Dec 12, 2020
The problem here is that we don't have a president but a presidency comprising of lie Muhammed, Garba sheu...some cabals behind the scene, and a non-functional Senate whose only job is to stamp whatever the presidency approves.

As long as the presidency keeps running this country debts are inevitable.

32 Likes 3 Shares

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by googlepikins: 11:22am On Dec 12, 2020
I stole my neighbours hen, two days later he came to ask me about it, even though I denied it, that doesn't mean he should travel to his village this morning angrily.

Some people need to control their anger issues

4 Likes 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Coronavirus84: 11:22am On Dec 12, 2020
Our incompete leaders will still use us as unknown collateral to borrow money from other countries and we will continue with the era of slave trade here in Nigeria again.

6 Likes 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by evergreen9: 11:22am On Dec 12, 2020
Abeg make IMF go siddon! Who tell them say daddy bubu don collect loan finish? Make IMF wait first, when Bubu collect loan for Iraq, Pakistan, Afghanistan, Bangladesh then dey can advise us. Plenty countries still remain wey we never collect loan from yet but don't worry , darling daddy don sight dem and we go soon collect loan from their hand. We would get there.

18 Likes 3 Shares

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Sirwallace(m): 11:23am On Dec 12, 2020
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2 Likes 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by judetov2(m): 11:23am On Dec 12, 2020
wow
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Uyi168: 11:24am On Dec 12, 2020
....
Meanwhile,
Whats emiefele trying to do here

1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Agbebakun22: 11:24am On Dec 12, 2020
Why are u telling them, they're already venerable tikpe tikpe
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by lamentor78(m): 11:24am On Dec 12, 2020
Expect more woes , when we have made people at the helms of affairs
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nobody: 11:24am On Dec 12, 2020
Keep it up
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Enudapan: 11:24am On Dec 12, 2020
Nah eh! No qualms
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nobody: 11:24am On Dec 12, 2020
How do we get started?
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Kingpele(m): 11:25am On Dec 12, 2020
This people Don come again oooo ...Please they should stop giving us this projected growth before our yams eaters will increase their looting spree

1 Like

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by MOLOTOVcockTAIL(m): 11:26am On Dec 12, 2020
sad
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by alingo2013(m): 11:26am On Dec 12, 2020
Buhari can you hear the warning by IMF or are you drinking tea with your cows

1 Like 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by omoadeleye(m): 11:27am On Dec 12, 2020
They won't listen
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by lexy2014: 11:27am On Dec 12, 2020
Uyi168:
....
Meanwhile,
Whats emiefele trying to do here

Serving his master(s). What do u think osinbajo does when he is inside as Villa with "the presidency"?

2 Likes

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nigeriabiafra80: 11:27am On Dec 12, 2020
Reduce debt
They will blame covid
When the biting comes
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by knowhowk: 11:28am On Dec 12, 2020
Nazgul:
The problem here is that we don't have a president but a presidency comprising of lie Muhammed, Garba sheu...and some cabals behind the scene, and a non-functional Senate whose only job is to stamp whatever the presidency approves.

As long as the presidency keeps running this country debts are inevitable.
. Hmmm!
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Racoon(m): 11:28am On Dec 12, 2020
“The fact that Nigeria currently budgets more money for debt servicing (N2.7 trillion), than on capital expenditure (N2.4 trillion) is already an indicator that we have borrowed more money than we can afford to borrow. And the thing is that debt servicing is not debt repayment.

“Debt servicing just means that we are paying the barest minimum allowable by our creditors.And while spending 50% of our current revenue on debt servicing, this administration wants to take further loans of $29.6 billion! To say that this is irresponsible is itself an understatement.
https://www.thisdaylive.com/index.php/2019/12/21/lawan-is-just-a-rubber-waiting-to-stamp-anything/

2 Likes

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by lexy2014: 11:28am On Dec 12, 2020
alingo2013:
Buhari can you hear the warning by IMF or are you drinking tea with your cows

It's a good warning but imf wouldn't turn down a loan request from Nigeria in a million years

1 Like

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Sircarma99: 11:29am On Dec 12, 2020
Good new Nigeria shall be great again.
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by surgical: 11:29am On Dec 12, 2020
Uyi168:
....
Meanwhile,
Whats emiefele trying to do here
I have never seen a better ass licker than this emefele he is dam good at it

1 Like

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by wink2015(m): 11:33am On Dec 12, 2020
Buhari and his minister will ignore the IMF warning and continue to plunge Nigeria into more inrecoverable debt.

Buhari stubborness is plunging Nigeria into more deeper political situation.

BUHARI DOES NOT LISTEN TO THE OPPOSITION.

He run Nigeria as a personal project.

One can recall the huge debt he has continued to plunged Nigeria into by taking loans from foreign countries.

The damage Buhari and his appointees has done to Nigeria will be very obvious for eyes to see by the time President Buhari 's tenure elapse.

2 Likes 1 Share

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nobody: 11:34am On Dec 12, 2020
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Nobody: 11:35am On Dec 12, 2020
lexy2014:


It's a good warning but imf wouldn't turn down a loan request from Nigeria in a million years
true
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by AFULA(m): 11:36am On Dec 12, 2020
Okay
Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Calabar1stSon: 11:38am On Dec 12, 2020
The Nigerian government have beam their blame game towards Covid-19.

Covid-19 don really suffer! Covid-19 go don dey regret why e enter NAIJA before.

Re: IMF Urges Nigeria To Reduce Debt Vulnerabilities by Muhylonaire007: 11:42am On Dec 12, 2020
grin
Under this regime, 9ja and debt be like 5 and 6

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