IMF lambast FG over poor excess crude savings

The International Monetary Fund (IMF) has warned that Nigeria’s increase in reserves since 2008 is still low compared with other oil exporting countries and called for more fiscal responsibility from the government.

Speaking to journalists at a news conference in Abuja, IMF resident representative Mr Scott Rogers stated that Nigeria’s Excess Crude Account  (ECA) is not rebuilding despite the fact that oil price increased last year.

He said the Nigerian government needs to make more fiscal savings to help lower inflation and interest rates.

The Central Bank of Nigeria (CBN) had on Wednesday announced that the nation’s foreign exchange reserves climbed 30 per cent year-on-year to hit a more than 32 month high of $42.56 billion by October 29.