This was recently revealed in a virtual meeting with the representatives of the Federal Government, and Nigerians have been reacting.
According to IMF’s Jesmin Rahman, introducing market-based fuel pricing mechanisms is absolutely vital right now, and FG should focus on targeting social support to cushion any impact on the poor.
The Fund added that Nigeria has to also concentrate on strengthening the monetary targeting regime and integrating the interbank and debt markets.
His words, “The Nigerian economy has started to gradually recover from the negative effects of the COVID-19 pandemic.”
“Gross Domestic Product growth turned positive in the fourth quarter of 2020, and growth reached 0.5 per cent year-on-year in Q1 2021, supported by agriculture and service sectors.”
“Nevertheless, the employment level continues to fall dramatically and together with other socioeconomic indicators, is far below pre-pandemic levels. Inflation slowed down in May but remains elevated at 17.9 per cent, owing to high food prices.”
“As oil prices and remittance flows recover, the balance of payments has slightly strengthened, although imports are rebounding faster than exports and foreign investment subdued resulting in forex shortage.”
“The banking sector remains liquid and well-capitalised while non-performing loans are contained.”
“The extension of the moratorium on principal payments of qualifying credit facilities on a case-by-case basis through March 2022 should be limited to viable debtors with strong pre-crisis fundamentals.”
“CBN stress tests show that the banking system would remain adequately capitalised except in case of a severe deterioration of credit quality.”
“Nevertheless, it is not clear what share of forborne loans may turn non-performing as the impact of the pandemic subsides.”
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