The International Monetary Fund (IMF) has issued a warning regarding the challenging economic conditions that may lie ahead for Nigerians, as the increasing costs of food and transportation continue to elevate the overall cost of living in the face of global economic challenges.
The IMF has also expressed concern about Nigeria’s escalating debt levels, especially as crude oil prices rise above $113 per barrel, significantly exceeding the $60 benchmark set in the 2026 budget, which could lead to potential revenue increases.
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Brass River and Qua Iboe crude are currently priced at $113.82 and $113.72 per barrel, respectively, influenced by global conflicts and uncertainty surrounding US-Iran peace negotiations.
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Abebe Selassie, the IMF Director for Africa, stated that the ongoing crisis is already intensifying transport and fertilizer costs, exacerbating food insecurity and placing additional stress on households throughout Nigeria and the region.
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He called on governments to continue reform efforts, manage debt prudently, focus on essential expenditures, and enhance revenue generation, emphasizing the importance of consistent and efficient policy-making to navigate the current challenges.
