• About
  • Advertise
  • Contact
Saturday, August 2, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

IMF Asks FG To Finalise Securitisation Of N23.7trln Loans From CBN

Vital News by Vital News
February 9, 2023
in Economy
0
Policy Uncertainty, Inflation To Slow Down Nigeria’s Economic Growth In 2023 — World Bank
Share on FacebookShare on Twitter

The International Monetary Fund (IMF) has asked the Federal Government to finalise the securitisation of the Central Bank of Nigeria (CBN)’s existing stock of overdrafts (also known as Ways and Means financing).

IMF stated this in a statement issued on Wednesday after its 2022 Article IV consultation with Nigeria.

The Federal Government has been borrowing from the apex through “Ways and Means”, a loan facility through which the CBN finances the government’s budget shortfalls.

The IMF called for fiscal and monetary tightening to secure macroeconomic stability, combined with structural reforms to improve governance, strengthen the agricultural sector, and boost inclusive, sustainable growth.

It encouraged the apex bank to stand ready to further increase the policy rate if needed.

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

Africans In Position To Develop Africa, Dangote Tells Global CEOs

IMF also recommended the implementation of additional actions, including fully sterilising central bank financing of fiscal deficits and phasing out credit intervention programmes.

It said that despite rising oil prices, the nation’s fiscal deficit was estimated to have widened further in 2022 due to high fuel subsidy costs.

IMF said that while the current account might have improved in 2022, foreign currency reserves declined because of capital outflow pressures.

It advised Nigerian authorities to deliver on their commitment to remove fuel subsidies by mid-2023, and to increase well-targeted social spending.

The IMF further highlighted the importance of improving the performance of the agricultural sector for job creation and food security.

It observed that notwithstanding the authorities’ success in containing and managing the COVID-19 infections, socio-economic conditions remain difficult.

“The spillover effects of the war in Ukraine, which have been transmitted mainly through higher domestic food prices, worsened the scarring effects of the pandemic, particularly on the most vulnerable—with Nigeria being among the countries with the lowest food security,” the IMF said.

IMF warned that higher international food and fertilizer prices and continued widening of the parallel market premium could culminate in the de-anchoring of inflation expectations.

IMF also urged the Nigerian government to implement governance reforms, including delivering on commitments from the 2020 rapid financing instrument.

“Improving transparency and accountability in the oil sector is also key to strengthening governance,” the organisation said.

It said there is a need for bold fiscal reforms to create needed policy space, put public debt on sound footing, and reduce vulnerabilities.

The IMF recommended modernising customs administration, rationalizing tax incentives, and raising tax rates to the levels of the Economic Community of West African States (ECOWAS).

Tags: CBNFGIMFloans
Previous Post

2023 Elections : NUC Orders Closure of Universities

Next Post

EFCC Appeals Kogi Court Ruling Committing Bawa To 14 Days In Prison

Vital News

Vital News

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs
Economy

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

July 19, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Business

Africans In Position To Develop Africa, Dangote Tells Global CEOs

July 14, 2025
Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages
Agriculture/ Water/ Mineral

Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages

July 14, 2025
Next Post
EFCC Appeals Kogi Court Ruling Committing Bawa To 14 Days In Prison

EFCC Appeals Kogi Court Ruling Committing Bawa To 14 Days In Prison

I Look Forward To Peaceful Polls, Retirement, Says President Buhari

May 29 Hand Over : Buhari Approves Transition Council

Kogi APC Rally, A Clear Sign Tinubu Is Winning The Election – Ali Ajuh

Kogi APC Rally, A Clear Sign Tinubu Is Winning The Election - Ali Ajuh

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Police Present N4.7mln To Families Of Late 8 Officers In Kogi

Police Present N4.7mln To Families Of Late 8 Officers In Kogi

2 years ago
Six Reps Members, Edo, Delta Speakers, 22 State Lawmakers Defect From PDP To APC

Six Reps Members, Edo, Delta Speakers, 22 State Lawmakers Defect From PDP To APC

3 months ago
Police Service Commission Confirms Egbetokun As IG-P

Tinubu Orders Security Agents To Track, Arrest Terrorists Behind Plateau Bloody Attack

2 years ago

Nigeria Elected To Host Heads Of African Drug Law Enforcement Agencies In 2023

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire

Abdulrahim Thanks Governor Ododo Over Appointment as Governing Council Chairman Of Kogi College Of Nursing

Trending

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute
Education

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

by Vital News
August 1, 2025
0

A delegation from the National Universities Commission (NUC) has paid a revalidation visit to the Distance Learning...

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 2025
Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

July 31, 2025
FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

July 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025
  • FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals July 31, 2025
  • Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway July 31, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In