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Your email address will not be published. Required fields are marked *

Uncategorized

Privacy policy

Privacy Policy for NewsBoomNg This Privacy Policy explains how NewsBoomNg collects, uses, and shares information from users of our news blog. It also explains how we use cookies and other tracking technologies. Information We Collect We collect the following information from users of our news blog: Contact information: This may include your name, email address, […]

Read More
Peter Olaitan
Uncategorized

UNIOSUNTH CMD elected 15th National President for Nigerian Plastic Surgeons

UNIOSUNTH CMD elected 15th National President for Nigerian Plastic Surgeons TIMOTHY AGBOR Prof. Peter Babatunde Olaitan has been elected the 15th President of the Nigerian Association of Plastic, Reconstructive and Aesthetic Surgeons (NAPRAS). He became the 15th president of the association following an election which held at the Annual General Meeting and Scientific conference of […]

Read More
NUJ
Uncategorized

Osun NUJ holds Intellectual Discourse Programme tomorrow 

Osun NUJ holds Intellectual Discourse Programme tomorrow TIMOTHY AGBOR Nigeria Union of Journalists, Osun State Council will on Wednesday holds its 2nd  Quarterly Intellectual Discourse Programme at the NUJ Press Centre, Iwo/Ibadan Road, Osogbo by 10 in the morning. A statement by the Chairman of the Union,Comrade Wasiu Ajadosu and Secretary,Comrade Adeyemi Aboderin indicated that […]

Read More