A Madrid court on Friday said ex-IMF chief and Spanish economy minister Rodrigo Rato received a jail term of more than four years for tax crimes, money laundering and corruption. Judges found Rato guilty of “three offences against the Treasury, one offence of money laundering and one offence of corruption between individuals”, the court said […]
The International Monetary Fund (IMF) has observed signs of growing stability in Nigeria’s currency, the naira, citing recent interest rate hikes and efforts by the Central Bank of Nigeria (CBN) to clear foreign exchange backlogs. This development was highlighted during a press briefing held in Washington, D.C., on Tuesday, where the IMF praised Nigeria’s steps […]
The federal government incurred a significant loss of N13.2trn in foregone revenue as a direct consequence of the implementation of its foreign exchange subsidy policy between 2021 and 2023, the World Bank has stated. It said the government lost N2trn in 2021, N6.2trn in 2022, and N5trn in 2023. The amount forgone in revenue was […]
The International Monetary Fund has told President Bola Ahmed to strengthen social protection for the vulnerable to cushion the impact of the recent hike in Premium Motor Spirit (Petrol) pump price and flooding. The Resident Representative of the IMF in Nigeria, Christian Ebeke made the call Wednesday during an Arise Television interview. His comments come […]
A report seen in the Nigerian newspaper, The Punch reveals that Nigeria is set to receive a $2.5 billion loan from the World Bank. This loan would be diverted to two major projects, which are the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which would be serviced with $1.5 billion of […]
A former Director of the British Council in Nigeria, Mr David Roberts, has called on Nigeria to reject the recent report by the International Monetary Fund (IMF) which projected that the country would drop from the first to the fourth largest economy in Africa this year. The Fund in its recent World Economic Outlook as […]
The International Monetary Fund (IMF) has hailed the reform policies introduced by the Nigerian government, emphasising the need for economic diversification away from oil dependency and the importance of increasing non-oil revenue. The Director of African Department, IMF, Abebe Aemro Selassie, noted the low tax revenue to GDP ratio in Nigeria and advocated for its […]
The President Bola Tinubu-led federal government maybe struggling to navigate the International Monetary Fund (IMF) prescription removal of subsidies on petrol and power, and moved the economy towards a path of sustainable growth. While financial experts have commended the government’s efforts in halting the slide of the Naira without resorting to international creditors, they believe […]
The International Monetary Fund (IMF) has said the Nigerian government has, through the backdoor, resumed the payment of subsidies on the premium motor spirit (PMS), otherwise known as petrol. Recall that on May 29, 2023, during his swearing-in speech, President Bola Tinubu announced an end to petrol subsidy, triggering a hike in the prices of […]
