By Oluwakemi Kindness
The Federal Government has expressed satisfaction with the International Monetary Fund’s (IMF) latest assessment of Nigeria’s economy, describing it as an independent validation of the economic reforms implemented under President Bola Tinubu’s administration.
In a statement issued on Tuesday, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says the IMF’s 2026 Article IV Mission report confirmed that recent reforms are strengthening macroeconomic stability, restoring investor confidence, and positioning the economy for sustainable growth.
According to the government, the IMF acknowledged that reforms introduced over the past three years have improved foreign exchange market operations, strengthened external reserves, enhanced fiscal management, and boosted the resilience of Nigeria’s banking sector.
The Fund also recognised key policy decisions such as the removal of fuel subsidies, the end of deficit financing through the Central Bank, foreign exchange market liberalisation, and efforts to improve fiscal discipline.
The government noted that these measures have reduced economic vulnerabilities and improved Nigeria’s ability to withstand external shocks.
Reacting to concerns over global economic uncertainties, particularly the impact of the ongoing Middle East conflict, the government said Nigeria has demonstrated resilience despite rising energy and food prices.
It cited IMF observations showing that the foreign exchange parallel market premium has remained below five per cent, sovereign spreads have stayed relatively stable, and investor confidence has been maintained.
The Federal Government added that higher global oil prices could provide opportunities for increased export earnings, stronger fiscal revenues, and improved foreign exchange inflows.
To maximise these benefits, it said efforts are underway to increase crude oil production, expand domestic refining capacity, boost gas exports, and attract more investment into the energy sector.
While acknowledging the IMF’s concerns about poverty and food insecurity, the government maintained that progress is being made.
It pointed to nearly 10 per cent growth in per capita income in 2025 and ongoing interventions aimed at supporting vulnerable households and stimulating economic opportunities.
The statement highlighted programmes such as direct cash transfers, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit initiatives, healthcare investments, and livelihood support schemes.
In the agricultural sector, the government said it is expanding investments under the Renewed Hope National Agricultural Mechanisation Programme to improve productivity, increase irrigation, strengthen value chains, and enhance food security.
The administration also welcomed the IMF’s recognition of progress in revenue mobilisation and public financial management reforms, including the implementation of new tax laws, digitalisation of revenue collection, and improved transparency in public finance.
According to the government, ongoing reforms will continue to strengthen fiscal sustainability while ensuring a more efficient and equitable tax system.
Looking ahead, the government expressed confidence in Nigeria’s economic outlook, noting that the IMF projects growth above four per cent in the medium term, alongside stronger reserves, rising investment, and improved government revenues.
It added that recent sovereign credit rating upgrades further reflect growing confidence in Nigeria’s economic direction.
“The ultimate objective of these reforms is not merely improved economic indicators, but better outcomes for all Nigerians through lower inflation, decent jobs, higher incomes and greater economic opportunities,” the statement said.
