The federal government has sought the technical support of the International Monetary Fund (IMF) in designing a transparent and resilient price modulation mechanism to help cushion domestic price shocks, insulate markets from extreme global volatility, and preserve fiscal discipline. The Permanent Secretary, Ministry of Petroleum Resources, Dr. Vitalis Obi, who made the request reaffirmed  Nigeria’s commitment to strengthening its fiscal and energy frameworks through sustained collaboration with international development partners.

Obi spoke in Abuja 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 IMF Fiscal Affairs Department (FAD) technical assistance mission on climate policy.

A statement by the Head of Press and Public Relations Unit in the ministry, Chris Ugwuegbulam, explained that permanent secretary  described the IMF mission as both timely and strategic.

According to him, it aligned with the government’s ongoing efforts to strengthen Nigeria’s fiscal framework amid global energy market uncertainties, post-pandemic recovery, and growing climate-related fiscal pressures.