Govt pledges fiscal improvements after positive IMF review

Nigeria's Federal Government has pledged to bolster fiscal reporting, budget transparency, and data integrity, embracing recommendations from the International Monetary Fund (IMF). The commitment follows the IMF's largely positive assessment of Nigeria's economic reforms, as detailed in the Fund's 2026 Article IV Mission Concluding Statement.

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We note the IMF’s recommendations regarding fiscal reporting, budget transparency, and data reconciliation. The government is already taking steps to strengthen fiscal data integrity, improve coordination among relevant institutions, enhance transparency in budget execution, and deepen public financial management reforms.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, confirmed that the government has initiated measures to enhance fiscal data quality, improve inter-institutional coordination, and increase transparency in budget execution. "We note the IMF’s recommendations regarding fiscal reporting, budget transparency, and data reconciliation," Oyedele stated. "The government is already taking steps to strengthen fiscal data integrity, improve coordination among relevant institutions, enhance transparency in budget execution, and deepen public financial management reforms."

The IMF's report acknowledged significant progress in macroeconomic stability and resilience to external shocks over the past two and a half years. The Fund specifically recognized improvements in the foreign exchange market, stronger external reserves, ongoing fiscal and revenue reforms, banking sector stability, and overall macroeconomic conditions. "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 added.

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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 government welcomed the IMF's recognition of key reforms, including the removal of fuel subsidies, the cessation of deficit monetization, exchange-rate liberalization, and strengthened fiscal discipline. These measures, according to the IMF, have reduced economic vulnerabilities and rebuilt investor confidence. Despite global challenges like the conflict in the Middle East, Nigeria has demonstrated resilience, with the IMF noting the country's stronger policy frameworks and buffers to withstand rising global energy prices and other economic shocks.

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