Nigeria’s economic conditions have deteriorated since End SARS crisis – IMF

IMF
Nigeria’s economic conditions have deteriorated since End SARS crisis – IMF
 
Ekene Agbor
IMF
IMF
The International Monetary Fund (IMF) says the socio-economic conditions in Nigeria have worsened.
 

In the 2020 Article IV on Nigeria released on Monday, IMF recalled the End SARS mass protests against police brutality.

“Social discontent has widened since the beginning of the crisis with rising food inflation, elevated youth unemployment and high social
inequality.

“Headline inflation reached 14.2 percent in October 2020, a 30-month high, while the unemployment rate reached 27 percent in 2020Q2, with youth unemployment increasing to 41 percent”, the report said.

The Washington-based lender called for a fundamental policy reset for exiting this crisis.

Noting that several countries have been battered by the coronavirus pandemic, IMF said what set Nigeria apart are its weak pre-crisis fundamentals that may cause lasting consequences for employment and living standards.

Nigeria’s economy is at a critical juncture, the report declared.

It said an economy that was already weakened by falling per capita income, double-digit inflation, limited buffers and significant governance vulnerabilities has been hit hard by COVID-19.

The IMF, however, noted that the authorities have undertaken commendable and timely measures to counter the pandemic’s impact on lives and livelihood.

Directors welcomed reforms undertaken in the fiscal sector, including removal of the fuel subsidy and steps to implement cost-reflective tariff increases in the power sector.

They stressed the need for significant revenue mobilization to reduce fiscal sustainability risks.

The report observed limited COVID-19 testing and warned of uncertainties regarding the extent of the health impact.

The IMF cited Nigeria’s efforts to get vaccines in collaboration with the World Health Organization (WHO).

The institution raised concern that a plan is yet to be developed for purchase, distribution and administration of the vaccine.

admin

The Editor of News Boom Nigeria has years of cognate practical journalism experience.

Leave a Reply

Your email address will not be published.

Peter Mbah
Uncategorized

BREAKING: INEC declares PDP’s Peter Mbah winner of Enugu governorship poll

BREAKING: INEC declares PDP’s Peter Mbah winner of Enugu governorship poll TIMOTHY AGBOR The Independent National Electoral Commission has declared the governorhsip candidate of the Peoples Democratic Party, Peter Mbah, winner of the poll. Mbah polled 160,895 votes to defeat his closest challenger, Chijioke Edeoga of the Labour Party who garnered 157552 votes. Declaring the […]

Read More
Baba Lesekese
Uncategorized

Felicitations pour in as God’s General, Baba Lesekese celebrates birthday

Felicitations pour in as popular man of God, Baba Lesekese celebrates birthday EDITH AGBO Every March 2 is a special day. It’s special because it’s the birthday of a popular servant of God in Osun State, Prophet Adeyemi Adeniran, popularly Known as Baba Lesekese. Prophet Adeniran, of Great Tabernacle Miracle Church of God, a.k.a. Mountain […]

Read More
Justice and Law
Uncategorized

Akinrun stool: Osun court remands nine youths for rioting, shooting

Akinrun stool: Osun court remands nine youths for rioting, shooting TIMOTHY AGBOR, OSOGBO A Chief Magistrate’s Court sitting in Osogbo, Osun State has ordered the remand of nine suspects for allegedly shooting five persons and staging riot against the appointment of new Akinrun of Ikinrun town in the state. The nine suspects dragged to court […]

Read More