Oil rigs The International Monetary Fund (IMF) has once more advised Nigeria’s federal government to increase Value Added Tax (VAT), while also offering other fiscal measures that the country could adopt to stimulate economic growth. In addition, it reiterated its call for the removal of fuel subsidy in the country. The institution stated these in its 2021 Article IV Consultation with Nigeria released yesterday where it also proffered monetary policies that could also support sustainable growth. However, the IMF commended the Nigeria’s government over measures that were taken that averted the devastating impact of the COVID-19. It stated: “Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities’ proactive management of the COVID-19 pandemic and its economic impacts. “They noted, however, that the outlook remains subject to significant risks, including from the pandemic trajectory, oil price uncertainty, and security challenges. Looking ahead, they emphasised the […]