The International Monetary Fund (IMF) has said that Nigeria must resort to prudent spending and removal of all forms of subsidy if it must keep its economy strong on the face of dwindling income from crude oil sles.
The Bretton Wood institution therefore advised the federal government to adopt a stringent approach on public spending to ameliorate the adverse effects of plummeting oil price on the citizens.
The body specifically advised that Nigeria should remove all forms of subsidies often funded with public resources.
IMF Managing Director, Christine Lagarde, while fielding questions at the on-going spring meetings of the IMF/World Bank in Washington DC, United State, said that that Nigeria’s much avowed economic diversification has not reflected on the lives of the people.
IMF wants Nigeria to take more concrete steps to stem the vulnerability that could arise in the face of the falling oil prices.
