The officials of the International Monetary Fund , on economic assessment visit to Nigeria, have said serial deficits in the country’s yearly budgets are distorting monetary policies.Specifically, when the revenue projections failed, the officials noted that government had to fall back on the Central Bank of Nigeria , to raise revenue, which is expensive and results in huge interest payments.
The IMF staff team, led by the Senior Resident Representative and Mission Chief for Nigeria, Amine Mati, visited Lagos and Abuja, from September 25 to October 7, to discuss recent economic and financial developments, update macroeconomic projections, and review reform implementation.
Presently, the Federal Government’s interest payments continue to absorb more than half of revenues in 2019.Amine said the pace of economic recovery remains slow, as depressed private consumption and investors’ “wait-and-see” attitude kept growth in H1 at two per cent.He said the growth rate is significantly below population growth, although headline inflation has fallen, reaching its lowest level since January 2016, helped by lower food price inflation.
“The exchange rate in various windows remained stable, helped by steady sales of foreign exchange by CBN. “The outlook under current policies remains challenging. Growth is expected to pick up to 2.3 percent this year on the strength of a continuing recovery in the oil sector and the regaining of momentum in agriculture, following a good harvest,” he said.
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