The International Monetary Fund has urged the Nigerian government to reduce its dependency on Oil revenue and Focus on the non oil Sector.
The Director African Department IMF Abebe Selassie while presenting the April IMF Regional Economic Outlook
for Sub-Saharan Africa at the ongoing IMF /World Bank Meetings in Washington DC said, it is Problematic For Nigeria and Africa Most Populous Country with development spending needs to have a tax to GDP of only ten percent.
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Speaking on the Subsidy Removal Regime in Nigeria, Selassie added that it is important for government to use the resources from Subsidy to provide social protection for the most vulnerable households.
IMF in it’s Outlook for Sub-Saharan Africa said after four turbulent years, the African economy is gradually improving with Growth projected to rise from three point four percent noting that Economic recovery is expected to continue beyond this year, with growth projections reaching four percent in 2025.
(Editor: Ebuwa Omo-Osagie)
