IMF: Nigeria should share oil profits with its citizens

Nigeria could benefit from directly distributing its oil revenues to its citizens, which should have a right to an equal share of oil proceeds, according to a working paper prepared by the International Monetary Fund.Evidence from a cross-section of countries shows that natural resources can have a "seriously detrimental impact on the quality of domestic institutions and, through this channel, on long-run growth," the paper said.The working paper does not represent official IMF policy, but it is intended to encourage discussion about the topic.The proposal also could apply to other countries, and in some ways, Venezuela and Iraq might be better candidates for considering the proposal beca...

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