The International Monetary Fund IMF has advised President Bola Tinubu-led administration to completely phase out electricity subsidy in the country, despite the hardship Nigerians are facing since the removal of fuel subsidy in May 2023.
According to its published ‘Post Financing Assessment (PFA)’ report, the IMF added that the federal government had overwhelmed itself, thus recommending that the total removal of both fuel and electricity subsidies must be implemented.
The IMF stated that the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high, and inclusive growth is appropriate.
