FG says IMF report validates economic reforms

By Emma Ujah, Abuja Bureau Chief

ABUJA — 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 ongoing economic reform programme.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the IMF report confirms that reforms introduced under President Bola Ahmed Tinubu are strengthening macroeconomic stability, restoring investor confidence, and laying the foundation for sustainable growth.

In a statement issued on Tuesday, he said the IMF’s assessment that recent policy measures have improved economic outcomes and strengthened Nigeria’s resilience to external shocks was a positive endorsement of government efforts.

He noted that the Fund highlighted improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience, and overall 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 statement read.

The government said it was encouraged by the IMF’s recognition of key policy decisions, including the removal of fuel subsidies, ending deficit monetisation, liberalisation of the foreign exchange market, and fiscal discipline measures, which it said have helped reduce vulnerabilities and rebuild confidence.

It added that despite 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.

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

It 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.

The government said it 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.

It also 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.

According to the statement, government is already acting on IMF recommendations to improve fiscal reporting, budget transparency, and data reconciliation across institutions.

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.

The post FG says IMF report validates economic reforms appeared first on Vanguard News.