IMF statement on Nigeria
In response to press requests, Mr. Gene Leon, the International Monetary Fund (IMF) Mission Chief for Nigeria, issued the following statement:
“In a combination of actions, most recently the communiqué after the Central Bank of Nigeria’s Monetary Policy Committee meeting of November 24-25, the authorities have announced a set of policies aimed at mitigating the impact of the recent significant fall in global oil prices on the economy. These include: adjusting the exchange rate, resubmitting the Medium Term Expenditure Framework to the National Assembly with proposed tax and expenditure measures to achieve the deficit target consistent with a lower budget oil price and tightening monetary policy.
We are supportive of and welcome these actions, which we view as complementary and moving in the right direction. Of course, the global situation remains fluid and the key issue is being ready to manage downside risks and for the authorities to be prepared, based on assessments of credible scenarios, to consider additional measures, as necessary.”