The International Monetary Fund (IMF) has advised the federal government to review 2025 N54.99 trillion budget in view of the lower-than-expected oil prices in the international market.

The advice was contained in the Fund's Article IV Consultation Report on Nigeria, released, today in Washington DC.

According to the organization, Nigeria's would grow at 3.4 percent on the back of higher oil output and falling inflation rate.

The IMF noted the reforms undertaken by the President Bola Tinubu administration, especially the removal of fuel subsidies and the unification of exchange rates by the Central Bank of Nigeria, which it said were yielding desired results.

It praised the CBN for the exchange rate liberalization and other reforms by the monetary authorities which have increased capital flow into the country.

It noted that the Central Bank of Nigeria was appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched.

The IMF recognised measures to strengthen the banking system, including the ongoing recapitalisation process.

It welcomed the CBN's efforts to enhance financial inclusion and promote capital market growth, while emphasising the need to adopt a robust risk-based supervision for mortgage and consumer lending schemes and the fintech and crypto sectors.

Details later...