Nigeria, Feb. 13 -- The International Monetary Fund (IMF) has said that there is an urgent need for Nigeria to completely phase out costly fuel and electricity subsidies as part of measures to address its economic challenges.

These subsidies, deemed inefficient and ineffective in reaching intended beneficiaries, were identified as worsening the nation's fiscal challenges and hindering efforts to address poverty and food insecurity.

In its report titled 'IMF Executive Board Concludes Post Financing Assessment with Nigeria,' the IMF reiterated the importance of eliminating the subsidies to redirect resources towards more targeted and impactful social welfare programmes.

Amidst the prevailing cost-of-living crisis, the IMF advocated for t...