Nigeria: Fourth Review Under the Policy Support Instrument: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nigeria

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 353

Publication date: October 2007

ISBN: 9781451829051

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Taxation - General , ISCR , CR , supervision of the CBN , staff appraisal , IMF's Policy Support Instrument , policy agenda , government management , Nigerian authorities , Oil , gas and mining taxes , Monetary base , Fiscal stance , Oil prices , Global

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Summary

The staff report for the Fourth Review on Nigeria highlights developments under the Policy Support Instrument (PSI). Robust non-oil sector growth significantly strengthened fiscal and external positions, reducing inflation that surpassed the original program goals. Fiscal risks have increased in the short term because recent practices on the use of an oil price rule and oil savings, which have been important to macroeconomic performance, are being revisited. The government’s consensual approach within the framework of the constitution offers the prospect of a lasting solution.