Nigeria rejects IMF’s findings of extra-budgetary spending

Nigeria rejects IMF’s findings of extra-budgetary spending

Nigeria rejected the International Monetary Fund’s finding that the country has engaged in extra-budgetary public spending that distorts its deficit levels, blaming poor interpretation of its financial reporting method for the misunderstanding.Even as it broadly praised Nigeria’s macroeconomic reforms of recent years, the IMF, in a June assessment, faulted “off‑budget spending and complex financing instruments” equivalent to about 2% of GDP that…