Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

FG says it may seek bailout from IMF if fiscal challenges are not addressed

Chike OlisahbyChike Olisah
5 months ago
in Business News
FG says it may seek bailout from IMF if fiscal challenges are not addressed

Director-General of the Budget Office, Ben Akabueze

Share on FacebookShare on TwitterShare on Linkedin

The Federal Government has stated that Nigeria may seek a bailout from the International Monetary Fund (IMF) over its mounting debts if it cannot address its fiscal challenges before further escalating.

This was disclosed by the Director General of the Budget Office of the Federation, Ben Akabueze, during an interview on an Arise Television programme, where he insisted that Nigeria needs to sort out its revenue problem.

Akabueze, who said that although Nigeria was not yet in that kind of desperate situation to seek relief from IMF, however, warned that the country may unwillingly ask for a bailout from the multilateral financial institution if the fiscal challenges are not addressed in a sensible and sustainable manner.

What the Budget Office Director General is saying

Akabueze, on the rising fiscal headwinds, said, “Essentially, there are two ways countries end up with the IMF. One is voluntary when they just say look IMF come we need help, or when things get to the grind where they simply have no other option.

“I don’t see Nigeria going to the IMF voluntarily. It’s a hot issue here in Nigeria. But the honest truth is that if we don’t address our fiscal challenges in a sensible and sustainable manner, we may end up unwillingly with the IMF.’’

Going further, he added. “We are not there yet at the point of involuntary. But we could as much stop digging. There is a maxim that if you find yourself in a pit, you should stop digging and start climbing out.

“And if we continue to fund regressive deficits, it is tantamount to continuing to dig. If we continue to pass on reasonable opportunities to increase revenues by introducing taxes, it is tantamount to continue digging.

“Even though I said we should not cut expenditure in total, we need to get more efficient in our spending. If we don’t do that again, it is tantamount to continuing to dig.”

The Budget Office boss said that although he would not advocate for cutting expenditure in total, he advised that the country should be more efficient in its spending, noting that if that the inability to do that will be tantamount to also digging into the hole.

In case you missed it

  • Akabueze in the same interview suggested that the Asset Management Corporation of Nigeria (AMCON) should increase the amount of statutory contribution made by banks.
  • The Budget Office also disagreed with the Minister of Communications and Digital Economy, Isa Pantanmi, on the suspension of the 5% excise duty on telecommunication services.

Related

Tags: Ben AkabuezeIMFInternational Monetary Fund

Comments 1

  1. Samaila says:
    September 7, 2022 at 3:58 pm

    IMF loans often come with stringent conditionalities.. We should think before we leap!!!

    Reply

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • President Buhari explains how reforms of Ministry of Finance Incorporated will grow assets to N100 trillion
  • Naira Scarcity: CBN threatens to prosecute sellers, abusers of new naira notes
  • Vank Wallet, Prop-Tech Startup Hopes to Change Nigeria’s Property Market

Follow us on social media:

Recent News

Ministry of Finance Incorporated reforms to grow assets to N100 trillion - Buhari

President Buhari explains how reforms of Ministry of Finance Incorporated will grow assets to N100 trillion

February 2, 2023
Naira scarcity: CBN, Police to prosecute sellers and abusers of Naira

Naira Scarcity: CBN threatens to prosecute sellers, abusers of new naira notes

February 2, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics