The International Monetary Fund (IMF) has warned that Nigerians may face tougher economic conditions ahead as rising food and transport costs continue to drive up the cost of living amid global economic shocks.
The Fund also raised concerns over Nigeria’s growing debt burden, even as crude oil prices climb above $113 per barrel far above the $60 benchmark in the 2026 budget offering potential revenue gains.
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Brass River and Qua Iboe crude were recently priced at $113.82 and $113.72 per barrel due to global tensions, including uncertainty in US–Iran peace talks.
IMF Director for Africa, Abebe Selassie, said the impact of the crisis is already increasing transport and fertilizer costs, worsening food insecurity and putting pressure on households across Nigeria and the region.
READ ALSO: Nigerians Were Ready To Pay N10,000 Per Litre For Fuel At A Time But It Wasn’t Available — Senate President Akpabio
He urged governments to sustain reforms, manage debt responsibly, prioritize key spending, and improve revenue generation, stressing that policy consistency and efficiency are crucial to weathering ongoing shocks.
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