The International Monetary Fund (IMF) advises Nigeria to adopt a stringent approach on public spending to ameliorate the adverse effects of plummeting  oil price on the  citizens.
The IMF stated that fiscal prudence and removal of all forms of subsidies often funded with public resources should be among  options left for Nigeria and other oil exporting countries to overcome the threats posed by dwindling crude prices at the international markets.
Christine Lagarde, IMF Managing Director, noted that although the Nigerian government has been talking about economic diversification in the country, the impact remained to be seen on the people and the economy as a whole,  urging the government to take more concrete steps to stem the vulnerability that could arise in the face of the falling oil prices.
Nigeria and other Organisation of Petroleum Exporting Countries (OPEC) have suffered an over 50 per cent loss  in crude oil prices, thereby affecting budget implementation and other obligations.
The Federal Government late last year rolled out a cocktail of belt-tightening measures aimed at minimising the vulnerability arising from the attendant revenue losses from oil exports.
Such belt tightening measures include surcharges on some luxury consumption, reduction in overseas trainings by government officials, voluntary cut in National Assembly budget, salaries of President Goodluck Jonathan and other top government functionaries as well as State House budget.