IMF Hails Nigeria's Response to Oil Price Crash

Nigeria - Christine Lagarde, the Managing Director of the International Monetary Fund, IMF, has commended Nigeria’s strategic response to the oil price slide.

According to ThisDay, Nigeria, as one of the seven oil-producing nations in the African region affected by the revenue loss, Nigeria’s response was commendable.

Seventy per cent of Nigeria’s revenue is derived from the sale of crude petroleum products, and since the middle of last year, the country and other Organisation of Petroleum Exporting Countries (OPEC) have suffered over 50 per cent loss in revenue.

In a bid to manage the development, the federal government rolled out a cocktail of belt-tightening measures aimed at minimising the vulnerability arising from the attendant revenue losses from oil exports.

Such measures include surcharges on some luxury consumption, reduction in overseas trainings by government officials, voluntary cut in National Assembly budget, salaries of President Goodluck Jonathan and other top government functionaries as well as State House budget.

nigerianbulletin