The Federal Government says the International Monetary Fund (IMF) has given a positive assessment of Nigeria’s economic reform programme, describing the report as independent validation of measures introduced under President Bola Tinubu’s administration.
In a press release issued on Tuesday, signed by
Minister of Finance and Coordinating Minister of the Economy of Nigeria, Taiwo Oyedele, the government said it welcomed the IMF’s 2026 Article IV Mission Concluding Statement, which highlighted improvements in macroeconomic stability, foreign exchange market operations, fiscal reforms and the resilience of the banking sector.
According to the statement, the IMF’s findings show that reforms implemented over the past three years are beginning to deliver results.
“The report provides further independent validation that the bold and necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are strengthening macroeconomic stability, restoring confidence, and laying the foundation for sustainable and inclusive growth,” the statement said.
The government noted that the IMF specifically cited improvements in foreign exchange market functioning, stronger external buffers, ongoing fiscal and revenue reforms, banking sector resilience and growing macroeconomic stability.
It said the Fund recognised that the removal of fuel subsidies, the end of deficit monetisation, foreign exchange market liberalisation and stronger fiscal discipline had helped reduce economic vulnerabilities and rebuild investor confidence.
“The report notes that Nigeria now faces global shocks with stronger policy frameworks and buffers than before,” the statement added.
The government also pointed to the IMF’s assessment of Nigeria’s response to recent global economic developments, including the impact of conflict in the Middle East.
According to the statement, the IMF acknowledged that despite higher global energy prices and pressure on supply chains, Nigeria had shown resilience, with the foreign exchange parallel market premium remaining below 5%, sovereign spreads staying broadly stable and investor confidence holding firm.
“The IMF further noted that Nigeria is well positioned to benefit from higher energy prices through stronger export earnings, improved fiscal revenues, and increased foreign exchange inflows,” the government said.
The statement said the government intends to maximise those opportunities through increased crude oil production, expansion of domestic refining capacity, higher gas output and exports, and fresh investments across the energy sector.
While welcoming the IMF’s findings, the government acknowledged that poverty and food insecurity remain major concerns.
It said, “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.”
The government said it would continue to expand social intervention programmes, including direct cash transfers to vulnerable households, support for small businesses, student loans through the Nigerian Education Loan Fund, consumer credit schemes and healthcare investments.
It also highlighted ongoing efforts to improve food security through the Renewed Hope National Agricultural Mechanisation Programme and other agricultural initiatives aimed at boosting productivity, expanding irrigation and increasing access to financing and inputs.
The statement further welcomed the IMF’s recognition of progress in domestic revenue mobilisation and public financial management reforms, citing the implementation of new tax laws, digitised revenue collection systems and improved transparency measures.
Responding to IMF recommendations on fiscal reporting and budget transparency, the government said steps were already being taken to strengthen fiscal data integrity, improve institutional coordination and deepen public financial management reforms.
Looking ahead, the government said the IMF projects economic growth above 4% over the medium term, alongside stronger external reserves, increased investment and improved fiscal revenues.
“The report’s medium-term outlook reinforces confidence in Nigeria’s economic prospects. The IMF projects continued economic growth above four percent, improving external reserves, rising investment, and strengthening fiscal revenues over the medium term,” the statement said.
The government added that recent improvements in reserve buffers, declining public debt relative to GDP and sovereign credit rating upgrades reflected the impact of ongoing reforms.
It reiterated its commitment to maintaining macroeconomic stability, strengthening fiscal discipline, improving the investment climate and creating jobs, while stressing that the ultimate goal remains improving living standards for Nigerians through lower inflation, higher incomes and greater economic opportunities.
Faridah Abdulkadiri
Follow us on: