12 February 2024
The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria.
The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns.
The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’
According to the report, low revenue collection has hampered the provision of services and public investment.
“With a high debt servicing to revenue ratio, the government aims to increase domestic debt in 2024 to meet its deficit funding requirements,” the report read in part.(PUNCH)
