The Federal Government has reaffirmed its commitment to advancing Nigeria’s fiscal and energy reforms through enhanced collaboration with international development bodies, particularly the International Monetary Fund (IMF).
Permanent Secretary, Ministry of Petroleum Resources, Dr. Emeka Obi, made this known in Abuja during an engagement between the Ministry, its regulatory agencies — the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) — and the IMF Fiscal Affairs Department (FAD) Technical Assistance Mission on Climate Policy.
Dr. Obi said the partnership forms part of ongoing efforts to stabilize Nigeria’s economy, cushion domestic price shocks, promote fiscal discipline, and reduce vulnerability to global energy market fluctuations.
He described the IMF mission as timely, aligning with government reforms aimed at boosting Nigeria’s fiscal stability amid post-pandemic recovery efforts and growing climate-related fiscal pressures.
According to him, the country’s gas-driven initiatives — particularly in power generation, fertilizer production, and Compressed Natural Gas (CNG) development — remain central to achieving Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement.
He called for continued IMF support — both technical and financial — to strengthen fiscal data systems, climate policy simulation capacity, and carbon-pricing frameworks.
Leader of the IMF delegation, Mr. Diego Mesa, commended Nigeria’s reform efforts and noted that the mission was part of ongoing engagements requested by the Federal Ministry of Finance to improve fiscal policy, climate governance, and carbon tax frameworks in the petroleum sector.
During technical sessions, Director of Planning at NUPRC, Mr. Abdul-Afeez Balogun, reaffirmed the Commission’s commitment to eliminating gas flaring, reducing methane emissions, and ensuring compliance with sustainability targets under the Petroleum Industry Act (PIA) 2021.
Also speaking, Director of Planning at NMDPRA, Mr. Ayodeji O.O., said the Authority continues to refine regulatory and tariff structures for pipelines and gas processing facilities to ensure balanced investment returns while protecting consumers.
Both parties agreed to deepen inter-agency collaboration and intensify engagement with the IMF to support Nigeria’s fiscal reforms, climate strategy, and energy transition efforts.
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