The International Monetary Fund (IMF) says it has not received any funding request from Nigeria.
There have been speculations among some in the business circles that the Federal Government was contemplating going to the IMF for financing
But IMF’s African Region Director Abebe Selassie said there is no funding request from Nigeria.
“No, there has not been a request for funding from the IMF in Nigeria,” Selassie said on Friday in Washington during the unveiling of the regional economic outlook for Sub-Saharan Africa, October 2024.
“To just be very clear, this is also a question that has come up in the context of some other countries. If and when countries turn to us, we hope that they do so having a very clear plan of how they want all kinds of economic reforms they want to pursue.
“And turning to us would be a way to help reduce the funding costs that they face.”
The IMF African Director also said Nigeria decided to remove subsidy on petroleum.
“The decision was a domestic one. We don’t have programmes in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK,” Abebe said.
President Bola Tinubu last May declared that fuel “subsidy is gone”. That move immediately led to a hike in the cost of the commodity across the country. From about ₦200 per litre, the product is selling for about ₦1,200 in several parts of the country.
Despite pressure to reverse the policy and the floating of the naira, Tinubu insists the moves will yield fruits. He is calling on citizens to be patient with his government.
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