The International Monetary Fund (IMF) has been accused of being wrong in its projections of the Nigerian economy in the last four years, the Director-General of the Budget Office of the Federation, Ben Akabueze, has revealed.
This is even as he disclosed that the IMF’s projections “do not represent the holy grail on economic growth”, adding that the organisation “can’t get it right better than the people who have direct responsibility for managing their individual economies.
Akabueze made this known while speaking on Channels Television’s Politics Today programme on Wednesday night.
“In the last four years, IMF has got it wrong about our projections. Our actual growth has always beat their projections.”
“IMF’s projections do not represent the holy grail on economic growth, they can’t get it right better than the people who have direct responsibility for managing their individual economies” he said.
It would be recalled that IMF had in its October ‘World Economic Outlook: Navigating Global Divergences’ disclosed that Nigeria’s economic growth is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023.
However, President Bola Ahmed Tinubu at his maiden budget presentation expects Nigeria’s economy to grow by 3.76%.
Speaking on this, Akabueze said the growth rate projected by the Tinubu government in its maiden budget speech doesn’t even yet reflect the ambition of the government”, adding that the incumbent administration “wants to double the GDP before the end of the first term”.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...
INVESTIGATION: Uncompleted Old Enugu-Onitsha Road brings untold hardship, tears to commuters, residents of Enugu communities
Ugwu Obinna’s younger sister was killed after a truck driver transporting cows rammed into her shop located at the Okpatu...
INVESTIGATION: Students sit on floors, under leaking roofs as multi-million naira project is nowhere to be found in Zamfara
Suleman Tukur, 15, an SS 2 student of Government Day Secondary School (GDSS) Bakura in Bakura local government area of...