Finance Minister okays International Monetary Fund advice on subsidy removal

Finance Minister okays International Monetary Fund advice on subsidy removal

According to the International Monetary Fund, fuel subsidy removal would help boost revenue and improve government's spending to build more hospitals, roads, schools, and to support education and health for the people.

"We also need to understand that you don't remove large amounts of subsidy in one go, it has to be graduated and the public has to be well-informed on what you are trying to do".

Ahmed also stated that the government asked the World Bank to review some of its initiatives, including those involving implementation systems on areas they are providing funding for infrastructure.

She added that as far as Nigeria was concerned and given the low revenue mobilisation capacity in the country in terms of tax to GDP, it remains among the lowest with less than 10 per cent tax income to GDP size.

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will represent the United States at those discussions revolving around the spring meetings of the International Monetary Fund and its sister lending institution, the World Bank.

"And the Fiscal Affairs department has actually identified how much would have been save financially, but also in terms of human life if there had been the right price on carbon emission as of 2015". A real effort has to be done in order to maintain a good public finance situation for the country. Numbers are quite staggering.

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She, however, urged the government to put in place a social protection safety net while the subsidy was being removed, to reduce its effect on the people.

Prominent politicians including Senator Bernie Sanders, a self-described democratic socialist seeking the 2020 Democratic presidential nomination, and Democratic U.S. Representative Alexandria Ocasio-Cortez see the idea as a possible way to ramp up spending on social programs.

The minister also said that the National Sovereign Investment Authority (NSIA) has made progress with investments.

"I talked with President Xi of China", Malpass said. "He was supportive of the idea that the World Bank. that our relationship with China is evolving in a positive way where we can be constructive together".

Japan's Finance Minister Taro Aso, center, leaves after the group photo of the G20 Finance Minister and Central Bank Governors at the World Bank/IMF Spring Meetings in Washington, Friday, April 12, 2019. Digital economy will help boost economic development. "That is why we need transparent disclosures of debts as they are created", he said.

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