Federal Government claims IMF assessment confirms effectiveness of economic overhaul

The Federal Government has hailed the International Monetary Fund's 2026 Article IV Mission Concluding Statement on Nigeria, viewing it as a testament to the country's economic reform programme, which has been underway, according to Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

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Taiwo Oyedele noted that the IMF report essentially corroborates the strides made under President Bola Ahmed Tinubu, in bolstering macroeconomic stability, reviving investor confidence, and laying the groundwork for sustainable growth, as stated in a statement issued on Tuesday.

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The IMF's assessment that recent policy measures have yielded improved economic outcomes and enhanced Nigeria's capacity to withstand external shocks was seen as a positive affirmation of government efforts, as highlighted by the Minister.

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The Fund specifically underscored improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and overall macroeconomic stability, all of which were cited in the statement.

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These developments, according to the statement, confirm that Nigeria is on the right trajectory and is better equipped to navigate global economic uncertainties than at any point in recent years.

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The government expressed encouragement at the IMF's acknowledgement of key policy decisions, including the removal of fuel subsidies, ending deficit monetisation, liberalisation of the foreign exchange market, and fiscal discipline measures, which have contributed to reduced vulnerabilities and rebuilt confidence.

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Despite being buffeted by global headwinds, such as rising energy and food prices and supply chain disruptions, Nigeria has demonstrated resilience, with stable sovereign spreads and a low foreign exchange parallel market premium, as noted in the statement.

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The government plans to sustain reforms by boosting crude oil production, expanding domestic refining capacity, increasing gas output, and attracting investment across the energy sector, as outlined in the statement.

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The statement also acknowledged the IMF's concerns over poverty and food insecurity, noting that while per capita income reportedly grew by nearly 10 percent in 2025, macroeconomic stability must translate into broader welfare improvements.

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The government is expanding social protection programmes, including cash transfers to vulnerable households, support for small businesses, student loans through the Nigerian Education Loan Fund (NELFUND), consumer credit schemes, and healthcare interventions, as a means of addressing these concerns.

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The government welcomed the IMF's recognition of progress in revenue mobilisation and public financial management reforms, including tax administration improvements, digitalisation of revenue systems, and enhanced transparency, as stated in the statement.

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According to the statement, the government is already acting on IMF recommendations to improve fiscal reporting, budget transparency, and data reconciliation across institutions, in a bid to further bolster its economic reform programme.

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The Federal Government reiterated that while challenges remain, ongoing reforms are aimed at achieving lower inflation, job creation, higher incomes, and improved living standards for Nigerians, underscoring its commitment to the country's economic development.