The Nigerian government has been urged to save up on oil revenues as fears of a global food shock rise.
The IMF Divisional Chief, Fiscal Affairs Department, Paulo Medas, noted that while Nigeria has benefited from higher oil revenues, they haven't seen an improvement in the deficits as we hoped part because of the large energy subsidies, but also other issues with the production of oil and other pressures on the budget.
Director of the Fiscal Affairs Department at the IMF, Vitor Gaspar, noted that 19 of the 35 low-income countries in Africa are in debt distress as more than 120 million people on the continent do not have enough food to eat.