FG hails IMF assessment, reaffirms commitment to economic reforms

The Federal Government has welcomed the latest assessment of Nigeria’s economy by the International Monetary Fund, describing it as an independent validation of the economic reforms being implemented under President Bola Tinubu’s administration.

In a statement issued on Tuesday in Abuja, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF’s 2026 Article IV Mission Concluding Statement acknowledged significant progress in strengthening macroeconomic stability and improving the country’s resilience to external economic shocks.

According to the minister, the IMF highlighted improvements in the foreign exchange market, stronger external reserves, ongoing fiscal reforms, banking sector stability and broader macroeconomic gains recorded 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 said.

He noted that the IMF recognised the impact of key policy decisions, including the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market reforms and efforts to improve fiscal discipline.

“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before,” he stated.

Oyedele said the government was encouraged by the IMF’s assessment that Nigeria has remained resilient despite global economic uncertainties, including the effects of recent tensions in the Middle East, which have contributed to higher energy prices and inflationary pressures worldwide

He added that the IMF observed that Nigeria could benefit from higher oil prices through increased export earnings, improved government revenues and stronger foreign exchange inflows.

According to the minister, the Federal Government is focused on leveraging these opportunities by boosting crude oil production, expanding domestic refining capacity, increasing gas exports and attracting fresh investments into the energy sector.

While acknowledging concerns raised by the IMF regarding poverty and food insecurity, Oyedele said the government remains committed to ensuring that economic reforms translate into tangible benefits for citizens.

He pointed to several intervention programmes, including direct cash transfers to vulnerable households, support for small businesses, student financing through the Nigerian Education Loan Fund, consumer credit schemes and healthcare investments.

“Macroeconomic stability, while necessary, is not sufficient on its own. Economic growth must be inclusive and must translate into tangible improvements in the welfare of Nigerians,” he said.

The minister also highlighted ongoing investments in agriculture aimed at improving food production, expanding irrigation, strengthening agricultural value chains and creating employment opportunities in rural communities.

On public finance reforms, Oyedele said the government welcomed the IMF’s recognition of progress in domestic revenue mobilisation, tax reforms, digitisation of revenue collection processes and improvements in fiscal transparency.

He added that efforts were underway to strengthen fiscal reporting systems, improve budget transparency and enhance coordination among relevant institutions in line with the IMF’s recommendations.

The minister expressed optimism about Nigeria’s medium-term economic outlook, noting that the IMF projects economic growth above four per cent, stronger fiscal revenues, rising investments and improved external reserves in the coming years.

He also cited recent sovereign credit rating upgrades as evidence of growing confidence in the Nigerian economy.

“While challenges remain, the direction is clear, and the foundations are stronger. The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for every Nigerian — lower inflation, decent jobs, higher incomes, greater economic opportunity and a better quality of life,” Oyedele said.

He reaffirmed the government’s commitment to maintaining fiscal discipline, accelerating economic reforms, improving the investment climate and creating opportunities for sustainable and inclusive growth.