FG hails IMF assessment, reaffirms commitment to economic reforms

Nigeria's Federal Government has welcomed the International Monetary Fund's (IMF) latest assessment of the nation's economy, describing it as an independent validation of the economic reforms implemented under President Bola Tinubu's administration. The IMF's 2026 Article IV Mission Concluding Statement recognized significant strides in strengthening macroeconomic stability and enhancing the country's resilience to external economic shocks.

Minister of State for Finance, Taiwo Oyedele, highlighted the IMF's acknowledgment of improvements in the foreign exchange market, stronger external reserves, ongoing fiscal reforms, banking sector stability, and broader macroeconomic gains achieved over the past two and a half years. "The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence and laying the foundation for sustainable and inclusive growth," Oyedele stated.

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The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring confidence and laying the foundation for sustainable and inclusive growth.

The IMF report specifically noted the positive impact of key policy decisions, including the removal of fuel subsidies, the end of deficit monetization, foreign exchange market reforms, and efforts to improve fiscal discipline. The assessment indicates that Nigeria now faces global economic shocks with more robust policy frameworks and buffers than in the past. The government is encouraged by the IMF's observation that Nigeria has remained resilient despite global economic uncertainties, including recent Middle East tensions that have driven up energy prices and worldwide inflation.

While acknowledging the IMF's concerns regarding poverty and food insecurity, Oyedele reaffirmed the government's commitment to ensuring that economic reforms translate into tangible benefits for citizens. He pointed to several intervention programs, such as direct cash transfers to vulnerable households, support for small businesses, student financing, consumer credit schemes, and healthcare investments, as evidence of this commitment. The government aims to leverage opportunities presented by potentially higher oil prices through increased production and expanded refining capacity.

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The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.