IMF Tasks Nigeria to Improve Expenditure Quality, Revenue Collection

By Aduragbemi Omiyale

The Nigerian government has been advised by the International Monetary Fund (IMF) to improve its expenditure quality and revenue collection to be able to meet its economic targets.

Speaking with the media on the World Economic Outlook at the Annual Meetings in Thailand, the IMF Division Chief of the Research Department, Ms Deniz Igan, also said the organisation was worried about the high poverty rates in Nigeria, tasking authorities to provide succour to vulnerable households.

While the IMF acknowledged that reforms of the administration have brought about economic growth, more needs to be done to improve the livelihood of citizens.

“While the growth held up in Nigeria, given it is an energy exporter, poverty rates are still very high, and we are very mindful that the population is suffering when it comes to especially food security.

“So, in that environment, what we’re advocating for is cash transfers and income support- targeted, temporary income support for the most vulnerable households,” Ms Igan stated at the press briefing.

She further said, “In Nigeria, that can be done by the cash transfers that alleviate high poverty and ensure food security. And that needs to be coupled with- you know, aligned with the medium‑term fiscal framework. And there, what that involves is improving expenditure quality and improving revenue collection.”