IMF Warns Nigerians of Tough Times Ahead Amid Rising Food and Transport Costs

The International Monetary Fund cautions that Nigerians could face sharper economic hardship as higher food and transportation expenses erode household budgets. Rising global shocks are driving up the cost of living while government revenues remain vulnerable to debt pressures. With crude oil selling above $113 per barrel, oil earnings may improve, but the IMF highlights a growing debt-to-GDP ratio projected to hit 33.1 percent by 2027. The Fund urges Nigeria to maintain fiscal reforms, prioritise spending on critical services, and boost domestic revenue mobilisation to manage debt sustainably. IMF officials stress the importance of clear communication with stakeholders and careful debt management. They call on the government to protect social and infrastructure spending, enhance tax efficiency through technology, and stay the course on medium-term reform objectives despite limited fiscal space.

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