IMF advises FG to review 2025 budget

The International Monetary Fund, IMF, has advised the federal government of Nigeria to review its 2025 budget due to an unexpected drop in oil prices Internationally.

The IMF did this on Wednesday, with a consultation report released in Washington DC.

According to the IMF, the 2025 budget needs to be recalibrate to lower oil prices in order to get in line with the market realities.

“Growth has been steady but too low in per-capita terms, and inflation remains high. Gains have yet to benefit all Nigerians. Food insecurity and poverty have risen. Half-way through its term, the government is now focused on raising growth, while adapting to the spillovers from the changing global environment. Agriculture remained subdued, owing to security challenges and sliding productivity. Real GDP is expected to expand by 3.4 percent in 2025. Supported by the new domestic refinery, higher oil production and robust services. Against a complex and uncertain external environment, medium-term growth is projected to hover around 3½ percent. Supported by domestic reform gains,” the body stated.