2023 polls, rising food prices threaten economy, IMF warns

Some of these measures are the $23 billion Special Drawing Rights (SDRs) allocation, $100 billion SDR rechanneling as well as a swift movement on the common framework.

Despite these interventions, Aisien said there are “huge financing needs that would be required to boost the performance of the global economy.”

For commodity importers, the IMF Resident Representative said the Russia-Ukraine war would raise the yearly financing needs to between $6 billion and $10.

Speaking at the event, Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, said the government is implementing series of measures to boost revenue.

Akabueze admitted that more work needed to be done particularly within the fiscal space, but noted that “some of the initiatives being implemented by the administration of President Muhammadu Buhari had started yielding results”.

THE NATION