The International Monetary Fund (IMF) has called on the Nigerian government to scale up its cash transfers to help poor Nigerians manage the current cost of living crisis. cost of living crisis
Axel Schimmelpfennig, IMF’s Assistant Director, African Department and Mission Chief to Nigeria, made this call at the briefing on Nigeria’s Article IV Consultation on Thursday.
The IMF also acknowledged the pain Nigerians are going through due to rising inflation and ongoing reforms.
Schimmelpfennig further said that the Fund supports the Central Bank’s commitment to bringing down inflation, which hurts the poor disproportionally.
In its latest staff report for Nigeria, the IMF noted fiscal policy in Nigeria is limited due to low government revenue, which is about 9.4% of the country’s Gross Domestic Product (GDP).
The report further stressed the need for the Federal Government to reprioritise expenditures to ensure social protection.
