The International Monetary Fund (IMF) has said that Nigeria’s socio-economic conditions have significantly deteriorated since the #EndSARS movement.
IMF points out the impact of #EndSARS protests on the Nigerian economy.
In the 2020 Article IV on Nigeria, IMF cited the #EndSARS mass protests against police brutality.
The Washington-based lender encouraged a fundamental policy reset as a means to escape the crisis.
While acknowledging that several countries have been severely affected by the coronavirus pandemic, IMF said what set Nigeria apart are its weak pre-crisis fundamentals that may consequently cause a collapse of employment and living standards.
The report declared that Nigeria’s economy is at a critical juncture.
An economy that was already weakened by falling per capita income, double-digit inflation, limited buffers and significant governance vulnerabilities was also hit hard by COVID-19.
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However, the IMF noted that the authorities had undertaken commendable and timely measures to mitigate the pandemic’s impact on lives and livelihood.
Directors welcomed reforms undertaken in the financial sector, including removing the fuel subsidy and steps to implement cost-reflective tariff increases in the power sector.
They stressed the need for significant revenue mobilization to reduce fiscal sustainability risks.