The Federal Government has sought the technical support of the International Monetary Fund (IMF) in designing a transparent and resilient price modulation mechanism to stabilize domestic fuel prices and safeguard the economy from global energy shocks.
The Permanent Secretary, Ministry of Petroleum Resources, Dr. Vitalis Obi, made the request during a joint 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.
Obi reaffirmed Nigeria’s commitment to strengthening its fiscal and energy frameworks through sustained collaboration with international development partners.
He noted that the IMF’s technical assistance would help cushion domestic price shocks, insulate markets from extreme global volatility, and preserve fiscal discipline, ensuring a stable energy pricing environment.
In a statement issued by the Head of Press and Public Relations Unit of the ministry, Chris Ugwuegbulam, the Permanent Secretary described the IMF mission as both timely and strategic, aligning with the government’s broader efforts to enhance fiscal resilience amid global energy uncertainties, post-pandemic recovery challenges, and climate-related fiscal pressures.
The collaboration, according to Obi, is expected to strengthen Nigeria’s energy transition framework and promote sustainable fiscal management in line with emerging global best practices.
