IMF Backs Tinubu\u2019s Reforms: “Nigeria Stronger, More Resilient Than Ever”<\/p>\n
The Federal Government has welcomed the publication of the International Monetary Fund\u2019s 2026 Article IV Mission Concluding Statement on Nigeria, describing it as further independent validation that the bold and necessary reforms under President Bola Ahmed Tinubu, are restoring macroeconomic stability and laying the foundation for sustainable, inclusive growth.<\/p>\n
The IMF observed that reforms implemented over the past two and a half years have yielded improved macroeconomic outcomes and enhanced Nigeria\u2019s resilience to external shocks. The Fund specifically highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and growing macroeconomic stability. These developments confirm that Nigeria is better positioned to withstand global economic uncertainties than at any time in recent years.<\/p>\n
In a statement personally signed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, he said: \u201cThe Government is particularly encouraged by the IMF\u2019s recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have significantly reduced vulnerabilities and rebuilt confidence in the economy.\u201d<\/p>\n
The report, according to the Minister, noted that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.<\/p>\n
While acknowledging that recent geopolitical tensions and higher global energy and food prices present new inflationary pressures, the IMF affirmed that Nigeria has demonstrated notable resilience. Despite these headwinds, the parallel market premium has remained below 5 percent, sovereign spreads have stayed broadly stable, and investor confidence has been preserved. The Fund also noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows.<\/p>\n
The Minister stated that the Federal Government remains focused on translating these macroeconomic gains into tangible improvements in the welfare of Nigerians. \u201cAccordingly, we are scaling up targeted social protection programmes, including direct cash transfers to vulnerable households, support for small businesses, student financing through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, and investments in healthcare and livelihoods,\u201d Oyedele noted.<\/p>\n
In agriculture, he added, the Renewed Hope National Agricultural Mechanisation Programme and related initiatives are being expanded to improve productivity, enhance irrigation and dry-season farming, increase access to inputs and financing, strengthen value chains, and improve food security. These efforts, he said, are designed to moderate food inflation while creating jobs and raising rural incomes.<\/p>\n
The Government also welcomed the IMF\u2019s recognition of progress in domestic revenue mobilisation and public financial management reforms. The implementation of Nigeria\u2019s new tax laws, digitisation of revenue collection, improved transparency in public finance, and enhanced accountability mechanisms will continue to strengthen fiscal sustainability while ensuring a fairer and more efficient tax system.<\/p>\n
\u201cWe note the IMF\u2019s recommendations on fiscal reporting, budget transparency, and data reconciliation. The Government is already strengthening fiscal data integrity, improving coordination among relevant institutions, enhancing transparency in budget execution, and deepening public financial management reforms to ensure our economic statistics meet the highest international standards,\u201d the Minister said.<\/p>\n
The IMF\u2019s medium-term outlook reinforces confidence in Nigeria\u2019s prospects, projecting continued growth above 4 percent, improving external reserves, rising investment, and stronger fiscal revenues. Public debt has declined relative to GDP, while reserve buffers have strengthened considerably. These outcomes, which complement recent sovereign credit rating upgrades, reflect the growing resilience of the Nigerian economy and the positive impact of ongoing reforms.<\/p>\n
While acknowledging that poverty and food insecurity remain key challenges, the Federal Government stressed that macroeconomic stability is only the first step. The focus now is on translating reform gains into real improvements in the lives of citizens through targeted social protection, expanded agricultural mechanisation, higher oil and gas output, and investments in health, education, and jobs.<\/p>\n
\u201cHard reforms were never the end goal,\u201d the Oyedele noted. \u201cThe ultimate objective is a better quality of life for every Nigerian – lower inflation, decent jobs, higher incomes, and more opportunity. The direction is clear, the foundation is stronger, and we remain committed to finishing the job\u201d, the Minister concluded<\/p>\n","protected":false},"excerpt":{"rendered":"
IMF Backs Tinubu\u2019s Reforms: “Nigeria Stronger, More Resilient Than Ever” The Federal Government has welcomed the publication of the International Monetary Fund\u2019s 2026 Article IV Mission Concluding Statement on Nigeria, describing it as further independent validation that the bold and necessary reforms under President Bola Ahmed Tinubu, are restoring macroeconomic stability and laying the foundation […]<\/p>\n","protected":false},"author":4,"featured_media":150908,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,1],"tags":[877,3056,2928],"class_list":["post-150906","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance","category-others","tag-imf","tag-mission-concluding-statement-on-nigeria","tag-mr-taiwo-oyedele"],"yoast_head":"\n