80% of fuel consumed in Benin Republic smuggled from Nigeria – IMF

International Monetary Fund (IMF), yesterday disclosed that 80 per cent of petroleum products consumed in Benin Republic are smuggled from Nigeria. The fund, however, warned Nigeria against expansionary fiscal policies, in view of the uncertainty in the global economic scene, Presenting the Regional Economic Outlook for Sub-saharan Africa, IMF’s Senior Resident Representative, Nigeria, Mr Scott Rogers, said Nigeria must take advantage of the current growth to strengthen her fiscal position by saving for the rainy day. He was of the view that early world economic recovery is not yet in sight. “The global economic outlook remains uncertain.
The context has continued to witness slowing growth, mostly marked in the advanced economies. The US housing prices remain depressed, and the nation’s weak economy is impacting negatively on many other countries of the world because the US is an export destination of many countries of the world. “The US economy is recovering but the recovery is still weak. If the world economy remains weak, it will continue to affect countries of the world especially those with strong ties with the US and the Euro area which could actually go into recession.



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