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IMF cautions Nigeria against Rising Debt and falling Incomes

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The International Monetary Fund (IMF) has warned Nigeria of declining revenues and debts, saying that by 2026 the country won’t be able to use its tax revenues to pay off its outstanding debt.

The commission’s official in Nigeria, Ari Asien, also said that with the government spending N500 billion a month on oil subsidies, the subsidy could reach N6 trillion by the end of this year.

The IMF-International Monetary Fund has called for an end to bailouts and a slowdown in debt, to revise the nation’s development policy and curb inflation with foreign exchange.

The board said the country’s God-given resources in terms of new energy sources, mineral deposits and job creation strategies had a significant impact on the country’s development path.