Nigeria: Staff Report for the 2002 Article IV Consultation

January 3, 2003

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Nigeria: Staff Report for the 2002 Article IV Consultation, (USA: International Monetary Fund, 2003) accessed November 21, 2024

Summary

Nigeria’s 2002 Article IV Consultation highlights that major macroeconomic imbalances had emerged as a result of sharp increases in government spending and expressed concern at the risks of a further acceleration of inflation and continuing instability in the exchange market. The overall fiscal balance deteriorated sharply in 2001, the external accounts worsened, and inflation accelerated. The overall stance of fiscal policy remains highly expansionary in 2002, notwithstanding efforts by the authorities to contain capital spending. Lax financial policies have led to a sharp fall in international reserves.

Subject: Budget planning and preparation, Currency markets, Expenditure, Fiscal policy, Foreign exchange, Oil prices, Oil, gas and mining taxes, Prices, Taxes

Keywords: Anti-money laundering legislation, Bill, Brady bond, Buyback auction, Cash payment, CR, Expenditure authority, Gas and mining taxes, ISCR, Legislation, Oil, Oil prices, Par Brady bonds, West Africa

Publication Details

Pages:

72
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/003
Stock No:

1NGAEA0012003
ISBN:

9781451828900
ISSN:

1934-7685

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