IMF: Nigeria's Fiscal Deficit May Widen to 6.2% of GDP in 2022 Wants govt to remove fuel subsidies, tackle oil thieves, reform FX Commends CBN on MPR measures to rein inflation Nume Ekeghe The International Monetary Fund (IMF) has predicted that Nigeria’s fiscal deficit may widen to 6.2 per cent of its Gross Domestic Product (GDP) in 2022, as a
result of continuous fuel subsidy. The fund noted this in its Staff Concluding Statement of the 2022 Article IV Mission on Nigeria released yesterday. The institution noted that with the increase in Nigeria’s fiscal
deficits and high debt servicing costs, public debts may increase over the medium term. On the flip side, the IMF commended the Central Bank of Nigeria (CBN) for tightening the Monetary Policy Rate (MPR)
and urged it to maintain its stance of further tightening in response to rising inflation. It also urged the apex bank to allow deposit money banks determine FX buy-sell rates, in collaboration with CBN, which
earlier this year, at the launch of RT200 policy, mentioned its plan to stop selling forex to banks, allowing them to source forex for their customers. It called for bolder fiscal reforms to create policy space:
“Public finance is under stress with elevated fiscal deficits, high debt servicing costs, and public debt is projected to increase over the medium term. Despite higher Continued on page 5
US Returns Another $20m Abacha Loot to Nigeria...
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Court Acquits Babachir of N544m ‘Grass Cutting’ Scam Charge Bennett Oghifo and Kingsley Nwezeh
STRATEGISING FOR 2023… L-R: Presidential running mate of the Peoples Democratic Party (PDP), Ifeanyi Okowa; former President Goodluck Jonathan and the party’s 2023 Presidential candidate, Atiku Abubakar, during a visit to Jonathan at his residence in Abuja…Thursday night
A Federal High Court in Abuja yesterday discharged and acquitted a former Secretary to the Government of the Continued on page 5
INEC Prepares for Probable Presidential Election Runoff, Books Extra 93.5m Ballot Papers Outlines procedures for likely second vote Assures all genuine registered voters will collect PVC Iyobosa Uwugiaren in Abuja Ahead of the 2023 general election, the Independent National Electoral Commission (INEC) says it has decided to print 93.5 million extra ballot papers for possible presidential election runoff, along with the 93.5 million ballot papers needed for the February 25, 2023 presidential election. The commission also explained that if the presidential runoff election happens, it would be carried out strictly in line with Section 134 of the Constitution of the Federal Republic of Nigeria. The INEC Chairman, Prof Mahmood Yakubu, who was represented by the commission’s National Commissioner and Chairman, Information and Continued on page 5
GLO FESTIVAL OF JOY… L-R: Regional Sales Manager, Globacom, Mr. Kazeem Kaka; winner of a brand-new car, Adedayo Adosun; Glo Business Partner and CEO, Zeph Associates, Mr. Tochukwu Nwosu; at the prize presentation event held for winners in the Glo Festival of Joy promotion in Abuja…yesterday
Atiku, Okowa Meet with Jonathan on ‘How to Reclaim Power from APC’... Page 14