•Again, IMF advises FG to increase domestic revenueThe Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday disclosed that the Nigerian government was in talks with the International Monetary Fund and the World Bank to restructure the country’s debts.
“But our projection from the debt sustainability analysis is that Nigeria is able to cope with its debt service in 2022 as well as in 2023. We have been engaging financial institutions to look at the opportunity to restructure our debt to further stretch the debt service period to give us more fiscal relief. Those are some of the things we want to achieve in this meeting.”
“If they work for us, we will now decide to take it because the funds can certainly be useful in terms of adding to our reserves and also in terms of helping us to cope with the challenges that the country is facing especially as the floods that have been happening right now in the country is going to cause more stress on our food system.
She added: “We took all of these into account in designing the MTEF and the budget. We have been very pessimistic in our projections. For example, the oil price that we fixed was at $70 and everybody is asking why we are we staying at $70 when the prices are averaging $90?
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