Remove electricity subsidy – IMF advises Nigerian government

The International Monetary Fund (IMF) has stressed that the Nigerian Federal Government must do away with electricity subsidies.

This was revealed in the most recent IMF country report for Nigeria, where the international financial organization urged that the Tinubu administration’s emphasis on revenue mobilization and digitalization would enhance the provision of public services and ensure fiscal sustainability.

According to the IMF assessment, the projected 2024 reduction in the total deficit would assist in controlling debt vulnerabilities and do away with the requirement for CBN financing.

“Temporary and targeted support to the most vulnerable in the form of social transfers is needed, given the ongoing cost-of-living crisis.

“Fuel and electricity subsidies are costly, do not reach those that most need government support, and should be phased out completely,” stated the IMF report.

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