Oil Slump: IMF Praises Nigeria's Austerity Measures

                          
The International Monetary Fund (IMF) has praised the measures introduced by the Central Bank of Nigeria to cushion the effects of fall in oil price on the country's economy, describing it as a move in the right direction. Daily Post reports.

In a combination of actions, most recently the communiqué after the Central Bank of Nigeria’s monetary policy committee meeting of November 24-25, the authorities have announced a set of policies aimed at mitigating the impact of the recent significant fall in global oil prices on the economy. says the IMF chief mission for Nigeria, Gene Leon.
These include: adjusting the exchange rate, resubmitting the medium term expenditure framework to the national assembly with proposed tax and expenditure measures to achieve the deficit target consistent with a lower budget oil price, and tightening monetary policy.

We are supportive of and welcome these actions, which we view as complementary and moving in the right direction.

Of course, the global situation remains fluid and the key issue is being ready to manage downside risks and for the authorities to be prepared, based on assessments of credible scenarios, to consider additional measures, as necessary,” he pointed out.