ABUJA, Nigeria (VOICE OF NAIJA)-The Federal Government has turned to the International Monetary Fund (IMF) for technical assistance in crafting a more transparent and resilient price modulation system that can help absorb domestic price shocks, shield the market from sharp global fluctuations, and maintain fiscal discipline.
The Permanent Secretary at the Ministry of Petroleum Resources, Dr. Vitalis Obi, who made this appeal, reiterated Nigeria’s commitment to enhancing its fiscal and energy structures through continuous collaboration with international development partners.
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Obi made this known in Abuja during a joint session involving the ministry, its regulatory agencies the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) alongside the IMF Fiscal Affairs Department (FAD) technical assistance mission on climate policy.
In a statement released by the Head of Press and Public Relations Unit in the ministry, Chris Ugwuegbulam, the permanent secretary described the IMF mission as “both timely and strategic.”
He added that the mission aligns with the government’s current initiatives to reinforce Nigeria’s fiscal framework in the face of global energy market instability, post-pandemic economic recovery, and rising climate-driven fiscal challenges.