•Keeps Nigeria’s 2024 growth forecast at 3.3%The International Monetary Fund has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria , calling rather for the strengthening of the apex bank.
“They supported the increase in the minimum capital for banks and urged CBN to unwind the regulatory forbearance introduced during the pandemic. The Executive Board of the IMF met on the 29th of last month to conclude the Article IV consultation with Nigeria, following the Staff Report of their mission to the country where they held discussions with the authorities between February 12–23, 2024, in Lagos and Abuja.
The report noted that mobilizing revenue and reprioritizing expenditure, including phasing out costly and regressive energy subsidies, were critical to creating fiscal space for development spending and strengthening social protection, while maintaining debt sustainability.
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