The Nigerian Presidency has strongly criticized the International Monetary Fund (IMF) for what it sees as an overly harsh and pessimistic report on Nigeria’s economy. The IMF report, titled “How Nigeria Can Unleash Its Economic Potential,” raised concerns about persistent inflation, slow reform impact, and high poverty levels. It acknowledged the government’s recent efforts in implementing bold reforms like foreign exchange liberalization, removal of fuel subsidies, and improved revenue collection but concluded that major economic challenges still persist.
In response, the Special Adviser to the President on Economic Affairs, Tope Fasua, accused the IMF of undermining Nigeria’s progress with constant criticism. He argued that the reforms initiated under President Tinubu—such as the newly signed tax bills that provide relief to low-income earners—have yet to take full effect. Fasua described the IMF’s frequent statements as “heckling” that could confuse citizens and destabilize the economy rather than offer constructive support.
Fasua further highlighted a contradiction in the IMF’s dual roles as a lender and advisor. He noted that while the IMF praised the reforms, it kept making new demands that seemed disconnected from Nigeria’s economic realities. Nigeria had even repaid its $3 billion COVID-19 loan to the IMF, unlike many countries, yet continued to face pressure. He argued that constant external critique can derail internal efforts and frustrate citizens already grappling with the painful effects of reforms.
He warned that such repeated negative reports could stir public resentment against the government, especially when reforms are still in their early stages. Comparing Nigeria’s economic challenges to rebuilding a dilapidated house, Fasua insisted that it was unrealistic to expect instant transformation. He appealed to global bodies to allow the country time to fully implement reforms and assess their impact before issuing fresh evaluations.
On inflation and cost of living, Fasua maintained that while inflation is still above 20%, it has shown signs of decline in the past three months. He criticized the IMF for demanding further interest rate hikes, stating that the Central Bank is now working to gradually lower them. He concluded by calling on Nigeria to build its own data credibility instead of relying solely on external institutions like the IMF, urging the country to trust its own path forward.
