IMF: Petrol, electricity subsidies to gulp 3% of Nigeria’s GDP

The International Monetary Fund says Nigeria’s capping of fuel pump prices and electricity tariffs below cost recovery could have a fiscal cost of up to 3 per cent of GDP in 2024. The Bretton Woods institution believes the increase in monetary policy rate to 22.75 per cent will help contain inflation and ease the pressures on the naira. Abdulazeez Kuranga, Regional Economist, West Africa, Standard Bank Group joins CNBC Africa for this discussion and more.
Tue, 05 Mar 2024 14:11:39 GMT