Presidency rejects IMF’s “harsh” report on Nigeria’s economy
Nigerian Presidency hits back at IMF over economic warning, urges patience with Tinubu’s reforms
By Zhunurain Lukman Muritadho
The Nigerian Presidency has dismissed a recent report by the International Monetary Fund (IMF) which warned of rising inflation, deepening poverty, and worsening food insecurity in the country.
The report, titled “How Nigeria Can Unleash Its Economic Potential”, had urged the government to do more in stabilizing the economy through stricter monetary policies and increased support for the poor.
But reacting to the report, President Bola Tinubu’s Special Adviser on Economic Affairs, Tope Fasua, described the IMF’s comments as overly negative and untimely.
He said the reforms introduced by the current administration—such as fuel subsidy removal, tax adjustments, and business-friendly policies—require time to yield results.
“We have made massive progress. All we ask is for a little time. Let the poor breathe,” he said.
In the report, the IMF had advised Nigeria to redirect savings from subsidy removal to infrastructure and social safety nets, raise more domestic revenue, and tighten government spending.
It also projected a 3.4% GDP growth for 2025 but warned that the growth would not be enough to significantly reduce poverty levels.
However, Fasua pointed out that Nigeria has already repaid $3 billion of the IMF’s COVID-19 loan, a feat many other countries haven’t achieved.
He accused the IMF of pressuring Nigeria unnecessarily, despite the early signs of progress, including a gradual drop in inflation and interest rates.
The presidency argued that the IMF’s approach could create unnecessary panic among citizens and international investors. “We cannot allow this kind of economic heckling. It’s counterproductive,” Fasua added.
While both sides agree that Nigeria needs to stay on the reform path, the government insists that a more balanced and hopeful tone is necessary to support recovery.
“We are not asking for praise. Just patience,” Fasua added.