FG says IMF Article IV Report validates its reforms

Emma Ujah, Abuja Bureau Chief

The Federal Government has described the International Monetary Fund (IMF) 2026 Article IV Mission Concluding Statement on Nigeria as a validation of the country’s economic reform programme.

According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, “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.”

He said in a statement last night that the IMF’s observation that reforms implemented over the past three years have yielded improved macroeconomic outcomes and enhanced Nigeria’s resilience to external shocks was a positive assessment.

The statement read in part, “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 affirm that Nigeria is moving in the right direction and is better positioned to withstand global economic uncertainties than at any time in recent years.

“The Government is particularly encouraged by the IMF’s recognition that the difficult but necessary decisions to end fuel subsidies, eliminate deficit monetisation, liberalise the foreign exchange market, and strengthen fiscal discipline have contributed significantly to reducing vulnerabilities and rebuilding confidence in the economy. The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before.

“The recent conflict in the Middle East has created new challenges for economies around the world through higher energy prices, rising food costs, tighter financial conditions, and disruptions to global supply chains.

“While these developments present inflationary pressures, the IMF acknowledged that Nigeria has demonstrated notable resilience. Despite significant increases in global energy prices, the foreign exchange parallel market premium has remained below five percent, sovereign spreads have remained broadly stable, and investor confidence has been preserved.

“The Federal Government remains focused on translating these opportunities into long-term gains by increasing crude oil production, expanding domestic refining capacity, growing gas production and exports, and attracting new investments across the energy value chain.

“The Government acknowledges the IMF’s observation that poverty and food insecurity remain significant challenges. While progress is being made in terms of per capita income growing by nearly 10 percent in 2025 indicating marked reduction in poverty levels, we are mindful that 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.

“Accordingly, the Government continues to strengthen 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, healthcare investments, and interventions aimed at improving livelihoods and expanding economic opportunities.

“The Federal Government also welcomes the IMF’s recognition of the progress being made in domestic revenue mobilisation and public financial management reforms. The successful implementation of Nigeria’s new tax laws, the digitisation of revenue collection processes, improved transparency in public finance, and enhanced accountability mechanisms will continue to strengthen fiscal sustainability while ensuring a fairer and more efficient tax system.

“We note the IMF’s recommendations regarding fiscal reporting, budget transparency, and data reconciliation. The Government is already taking steps to strengthen fiscal data integrity, improve coordination among relevant institutions, enhance transparency in budget execution, and deepen public financial management reforms.

“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 all Nigerians – lower inflation, decent jobs, higher incomes, greater economic opportunity, and a better quality of life.”

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