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Thursday, 9th February 2023

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Breaking News:
 * Alaafin of Oyo passes away at 83, after over 50 years on the throne

Business News  


IMF RECOMMENDS MORE FISCAL, MONETARY TIGHTENING AS FARMERS DECRY 50% CRASH IN
FOOD PRICES

By Femi Adekoya, Lagos and Joke Falaju, Abuja
09 February 2023   |   4:30 am
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As the present cash crunch continues to affect business activities with a
likelihood of lowering inflation rate in the short term, the International
Monetary Fund (IMF) has underscored near-term downside...

IMF. PHOTO: AFP/Getty images

· ‘We are selling below our cost of production’





As the present cash crunch continues to affect business activities with a
likelihood of lowering inflation rate in the short term, the International
Monetary Fund (IMF) has underscored near-term downside risks arising from
Nigeria’s elevated inflation, high debt-servicing costs, external sector
pressures and oil sector volatility.


00:06
/
02:00


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Indeed, the scarcity of naira has forced prices of food to drop significantly at
major farm produce markets across the country, The Guardian has gathered.

According to the IMF, there is a need for decisive and effective monetary policy
tightening to avoid a de-anchoring of inflation expectations, noting that higher
international food and fertiliser prices and continued widening of the parallel
market premium could culminate in the de-anchoring of inflation expectations.

Indeed, the IMF directors in the 2022 Article IV Consultation with Nigeria,
recommended decisive fiscal and monetary tightening to secure macroeconomic
stability, combined with structural reforms to improve governance, strengthen
the agricultural sector, and boost inclusive and sustainable growth.

The IMF directors also urged the authorities to finalise securitisation of the
CBN’s existing stock of overdrafts and emphasised that the CBN’s budget
financing should strictly adhere to the statutory limits.

They highlighted the need for bold fiscal reforms to create needed policy space,
put public debt on sound footing, and reduce vulnerabilities.

They urged the authorities to deliver on their commitment to remove fuel
subsidies by mid-2023, and to increase well-targeted social spending.



The IMF called on the authorities to strengthen revenue mobilisation, including
thorough tax administration reforms, expanding the tax automation system and
strengthening taxpayer segmentation, and improving tax compliance is also a
priority.

In the medium term, the directors recommended modernising Nigeria Customs
Service (NCS) administration, rationalising tax incentives, and raising tax
rates to the levels of the Economic Community of West African States (ECOWAS).

Yesterday, The Guardian learnt that grain prices have dropped by 50 per cent as
farmers become desperate. For instance, the price of maize dropped from N27, 000
per bag to N13, 000 to 15,000, depending on if you are paying cash or making a
transfer.

Also, the price of Soya beans that sold as high as N36000 to 40,000 per bag is
now about N18,000 at Igbeti, Oyo State.The price of beans is also on a downward
trend as a bag now sells for N27,000 as against N40,000. Millet, Sorghum, and
guinea corn also sell at around N12,000 per bag.

A farmer from Oyo State, Abdulrasheed Ibrahim, while speaking to The Guardian
said the farmers had to sell off their produce to raise money to do other
things.



“Despite crashing prices, we cannot still sell as people do not have money to
buy the produce,” he lamented.

“When customers come, they want to do a transfer but because we cannot withdraw
the money from banks, we insist on cash,” he noted.

Also, a trader from Kano State, who identified himself as Abdullahi, lamented
the ripple effect of the naira crisis.

“We are not making sales like before, customers often want to make transfers but
we reject it insisting on cash. This is because I, for instance, do not have a
bank account. Each time I sell, I save my profit through our society before I
will use it to buy my goods. I don’t have time to go the bank.”

The President of the All Farmers Association of Nigeria, Farooq Mudi, said
farmers are crashing prices of their commodities to raise funds to prepare for
the next planting season, including paying workers.

Mudi, during a phone interview, said farmers are selling their produce below the
cost of production because they need to buy fertilizer and pay labourers. He
said labourers mostly do not have bank accounts and would rather go to farms
where they would be paid cash.




IN THIS ARTICLE

 * ECOWAS
 * IMF



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