IMF advises Nigeria to remove fuel and electricity subsidies, consuming 3% of GDP in 2024.

The International Monetary Fund (IMF) has advised Nigeria to remove implicit fuel and electricity subsidies, which it predicts will consume 3% of the nation's GDP in 2024, up from 1% in 2023. The IMF commended the Nigerian government for phasing out costly and regressive energy subsidies, stating that this is essential for creating fiscal space for development spending, strengthening social protection, and maintaining debt sustainability.