Nigerian government welcomes IMF assessment of economic reforms
via Punch Nigeria3 min read
The Federal Government of Nigeria has expressed satisfaction with the International Monetary Fund's IMF assessment of the country's economy, viewing it as an independent endorsement of the economic reforms implemented under President Bola Tinubu's administration. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, stated that the IMF's 2026 Article IV Mission Concluding Statement recognized significant progress in enhancing macroeconomic stability and Nigeria's resilience to external economic shocks. The IMF highlighted improvements in the foreign exchange market, stronger external reserves, ongoing fiscal reforms, banking sector stability, and broader macroeconomic gains over the past two and a half years. Oyedele noted that the IMF acknowledged the 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 government is encouraged by the IMF's assessment that Nigeria has remained resilient despite global economic uncertainties. The IMF also observed that Nigeria could benefit from higher oil prices through increased export earnings, improved government revenues, and stronger foreign exchange inflows. The Federal Government is focused on leveraging these opportunities by boosting crude oil production, expanding domestic refining capacity, increasing gas exports, and attracting investments into the energy sector. While acknowle
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Senate President Godswill Akpabio has alleged that political opponents of President Bola Tinubu's administration are exploiting insecurity and other challenges to create a negative perception of Nigeria. Speaking at the commissioning of the Outer Southern Expressway in the Federal Capital Territory, Akpabio claimed that opposition politicians have shifted focus to insecurity because they cannot criticize the government's performance in key economic sectors. He cited reforms in the petroleum industry, fuel subsidy removal, and ongoing infrastructure projects as government achievements. Akpabio further alleged that some individuals are encouraging acts to create instability and fear, stating they "start to recruit people to cause mayhem" and "kidnap people in order to give the impression that Nigeria is not safe." However, he did not provide evidence or identify specific groups or individuals. Akpabio urged Nigerians to be vigilant and cooperate with security agencies, commending the armed forces for their efforts. He expressed confidence in overcoming security challenges and advised against allowing political differences to undermine national unity.
The Oyo State House of Assembly has called for the immediate strengthening of security in public and private educational institutions across the state. This resolution follows recent abductions of students and teachers at Community High School, Esiele, and L.A. Primary School, Yawota, in the Oriire Local Government Area. A motion moved by Oluwafemi Oluwafowokanmi, representing Ibadan South West State Constituency II, highlighted concerns about schools becoming vulnerable targets for criminal activities like kidnapping and vandalism. He warned that growing threats could deter parents from sending children to public schools. The Assembly urged the Executive Arm of Government to deploy operatives from the state Security Network Agency Amotekun Corps, the Nigeria Police Force, and other security agencies to schools, prioritizing those in rural areas, border communities, and near forest reserves. They also recommended comprehensive security audits, the establishment of a School Security Initiative with dedicated personnel and emergency systems, and the enforcement of minimum security standards including perimeter fencing and controlled access. Lawmakers advocated for public awareness campaigns like "See Something, Say Something" and the creation of emergency response units. They also suggested integrating security education into school curricula. Recognizing that the current 2,500 Amotekun personnel may be insufficient, the House recommended recruiting additional security personne
Must ReadThe International Monetary Fund reported that Nigeria's economic reforms have strengthened the country's economy, but also noted that poverty has increased, affecting 63% of the population by the end of 2025. President Bola Tinubu's administration, in office for over three years, has implemented measures such as removing fuel subsidies, liberalizing the exchange rate, and overhauling the tax system. Despite these policy changes, which economists consider long overdue, more than 27 million people faced food insecurity in 2025. The IMF stated that while reforms have improved macroeconomic outcomes and built resilience, conditions remain difficult for many Nigerians. Poverty has been rising for years, with the World Bank previously reporting 61% of the population in poverty in 2022, up from 40% in 2019, with three-quarters of that increase occurring before Tinubu took office. Widespread insecurity from armed groups, particularly in the north, poses another risk to people and economic activity. Inflation accelerated to 15.7% annually in April, partly due to higher fuel prices. Economic growth is projected at 4.1% this year, up from 4% in 2025. The IMF warned that while higher costs for food, fertilizer, and fuel could boost Nigeria's revenues as Africa's largest oil producer, they could also intensify inflationary pressures on poor households, potentially worsening poverty and food insecurity. Nigeria is scheduled for presidential elections in January, where Tinubu is seeking re-