We Have No Funding Request From Nigeria — IMF
The International Monetary Fund (IMF) claims it has not received any funding requests from Nigeria.
Some in the business circles speculated that the federal government was considering going to the IMF for financing.
However, Abebe Selassie, the IMF’s African Region Director, stated that Nigeria has made no funding request.
“No, there has not been a request for IMF funding in Nigeria,” Selassie said on Friday in Washington, at the launch of the regional economic outlook for Sub-Saharan Africa in October 2024.
“Just to be clear, this is a question that has arisen in the context of other countries. We encourage countries to approach us with a clear plan for economic changes, as this might assist minimize funding costs.
The IMF’s African Director also stated that Nigeria had chosen to eliminate petroleum subsidies.
“The decision was a domestic one. We do not have programs in Nigeria. Our involvement is restricted to frequent discussion, like we do with other countries such as Japan and the United Kingdom,” Abebe explained.
Last May, President Bola Tinubu proclaimed that the fuel “subsidy is gone”. This decision resulted in an instant increase in the commodity’s price across the country. The commodity is now priced at around ₦1,200 in some areas of the country, up from ₦200 per litre.
Despite calls to reverse the program and allow the naira to float, Tinubu is certain that the steps will be fruitful. He is urging folks to be patient with his government.
