IMF advises FG to remove fuel subsidy

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The International Monetary Fund (IMF) has again called on the federal government to remove oil subsidy and deploy the savings to fix social infrastructure.

IMF Managing Director Christine Lagarde reiterated the call yesterday at the opening of the ongoing World Bank/IMF Spring Meetings in Washington DC.

Lagarde torn into the oil subsidy regime of the Nigerian government saying the policy is a disservice to the country and anti-masses.

She went on to advise the federal government to rather invest in social infrastructure.

Her word, “So that is the position we take. I would add as a footnote as far as Nigeria is concerned that, with the low revenue mobilisation that exists in the country in terms of tax to Gross Domestic Product (GDP), Nigeria is amongst the lowest. A real effort has to be done in order to maintain a good public finance situation for the country. And in order to direct investment towards health, education, and infrastructure.”

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